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Ever since Newton Inc. was formed on Jan. 1, 2018, the company has had the...

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Accounting

Ever since Newton Inc. was formed on Jan. 1, 2018, the company has had the following outstanding stock:

-- 3000 shares of $100 par value 10% preferred stock

-- 20,000 shares of $10 par value common stock

No dividends have been declared or paid during 2018 and 2019. On Dec. 31, 2020, $140,000 of cash dividends were declared. The preferred stock is cumulative and participating. Instructions: Determine how much of the 12/31/20 dividend of $140,000 should go to common and preferred stock. Show your work.

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