Problem $8-21$A $($Algo$)$ Cash dividends: Common and preferred stock LO $8-3,8-6$

Nowell Incorporated had the following stock issued and outstanding at January $1,$ Year $2$:

$135,000$ shares of no$-$par common stock.

$30,000$ shares of $$50$ par, $4$ percent, cumulative preferred stock. $($Dividends are in arrears for one year, Year $1.)$

On March $8,$ Year $2,$ Nowell declared a $$170,000$ cash dividend to be paid March $31$ to shareholders of record on March $20.$

Required

What amount of dividends will be paid to the preferred shareholders versus the common shareholders?

$\backslash$table$[[,,$Distributed to Shareholders$],[,$Preferred,Common$],[$Total dividend declared,,,$],[$Preferred arrearage,,,$],[$Current preferred dividend,,,$],[$Available for common,,,$],[$Distributed to common,,,$],[$Total$,,,]]$