The stockholders' equity section of Lemay Corporation shows the following on December 31, 2011:

Preferred stock - 6%, 4,100 par, 4,000 shares outstanding $ 400,000

Common stock - $20 par, 60,000 shares outstanding 600,000

Paid-in capital in excess of par 200,000

Retained Earnings 114,000

Total stockholders' equity $1,314,000

Instructions:

Assuming that all of the company's retained earnings are to be paid out in dividends on 12/31/11 and preferred dividends were last paid on 12/31/09, show how much the preferred and common stockholders should receive if the preferred stock is cumulative and fully participating.