10. A corporation has 15,000 shares of 10%, SSO par preferred stock outstanding and 25,000 shares of no-par common stock outstanding. Dividends of $37,500 are in arrears. At the end of the current year, the corporation declares a dividend of $120,000. What is the dividend allocated between preferred and common shareholders? A) The dividend is allocated $7,500 to preferred and $112,500 to common. B) The dividend is allocated $112,500 to preferred and $7,500 to common. C) The dividend is allocated $120,000 to preferred and $0 to common. D) The dividend is allocated $75,000 to preferred and $45,000 to common