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Dividends on preferred shares Lithuania Corp. has been authorized to issue 20,000 no par...

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Accounting

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:
$ 6 Preferred shares, 4,000 shares outstanding $ 400,000
Common shares, 60,000 shares outstanding 1,600,000
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.
As per me it should be like this
Dividend in arrears preferred common total
6*4000*3=72,00072,00072,000
in 20206*4000(ratio 1:4)24,00096,000120,000
participating dividend 17,60070,40052,800
total 113,600166,400280,000
Kindly verify if its correct

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