Problem 3 (8 points) Carpenter Distribution Corporation's contributed capital section of its balance sheet follows: 4% Preferred stock: 65,000 shares outstanding, $10 par $650,000 Common stock: 50,000 shares outstanding 400,000 $8 par During the last two years, Carpenter Distribution Corporation did not declare any dividends to its shareholders. In year 3, Carpenter declares and pays total dividends of $100,000. Required: Calculate separately the dividends paid to preferred and common shareholders in year 3 if the preferred stock is cumulative