Dividends on Preferred Shares

Essay

Dividends on preferred shares
Lithuania Corp. has been authorized to issue 20,000 no par value, $ 6, cumulative and fully participating preferred shares and 100,000 no par value common shares. The account balances at December 31, 2020 are: No dividends have been paid since December 31, 2016. The corporation now desires to pay $ 280,000 in dividends.
Instructions
Calculate how much the preferred and common shareholders will receive.