When Higdon Corporation was organized in January 2014, it immediately issued 5,600 shares of $50 par

When Higdon Corporation was organized in January 2014, it immediately issued 5,600 shares of $50 par, 6 percent, cumulative preferred stock and 10,500 shares of $10 par common stock. The company’s earnings history is as follows: 2014, net loss of $14,100; 2015, net income of $61,700; 2016, net income of $83,900. The corporation did not pay a dividend in 2014.a. How much is the dividend arrearage (should this be average?) as of January 1, 2015?b.