Problem:

Beagle Corporation has 23,000 shares of $10 par common stock outstanding and 17,000 shares of $100 par, 4.50% cumulative, nonparticipating preferred stock outstanding. Dividends have not been paid for the past two years. This year, a $440,000 dividend will be paid.

Required:

Question: What are the dividends per share payable to preferred and common, respectively?

Note: Please provide equation and explain comprehensively and give step by step solution.