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Accounting for cumulative preferred dividends lo 8-3 when crossett corporation was organized in january, year 1, it immediately issued 4,300 shares of $53 par, 7 percent, cumulative preferred stock and 8,500 shares of $9 par common stock. its earnings history is as follows: year 1, net loss of $12,000; year 2, net income of $123,000; year 3, net income of $203,000. the corporation did not pay a dividend in year 1. How much is the dividend arrearage as of january 1, year 2?
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