When Crossett Corporation was organized in January Year 1, it immediately issued 4,700 shares of $52 par, 5 percent, cumulative preferred stock and 12,000 shares of $7 par common stock. Its earnings history is as follows: Year 1, net loss of $13,600; Year 2, net income of $55,100; Year 3, net income of $90,400. The corporation did not pay a dividend in Year 1. Required How much is the dividend arrearage as of January 1, Year 2