When Crossett Corporation was organized in January Year 1, it immediately issued 4,600 shares of $50 par, 7 percent, cumulative preferred stock and 10,000 shares of $7 par common stock. Its earnings history is as follows: Year 1, net loss of $14,800; Year 2, net income of $61,300; Year 3, net income of $103,500. The corporation did not pay a dividend in Year 1. Required a. How much is the dividend arrearage as of January 1, Year 2