A company has 1,800 shares of 6%, $100 par value preferred stock the company issued at the beginning of Year 1. All remaining shares are common stock. The company was not able to pay dividends in Year 1, but plans to pay dividends of $23,000 in Year 2. Required:
Assuming the preferred stock is cumulative and noncumulative, how much of the $23,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders in 2018?