Teal Company’s ledger shows the following balances on December 31, 2017. 8% Preferred Stock—$10 par value, outstanding 20,100 shares $ 201,000 Common Stock—$100 par value, outstanding 30,100 shares 3,010,000 Retained Earnings 666,000 Assuming that the directors decide to declare total dividends in the amount of $350,000, determine how much each class of stock should receive under each of the conditions stated below. One year‘s dividends are in arrears on the preferred stock.