ABC Company reported the following information at the end of the current year: Common Stock ($2 par value; 50,000 shares outstanding) Preferred Stock, 5% (58 par value: 4,000 shares outstanding) Retained Earnings $100,000 $32,000 $365,000 The preferred stock is cumulative No dividends were declared during the previous 3 years The board of directors of ABC Company announces a total dividend of $9,000 to be paid to both common and preferred shareholders. What is the total amount of dividends to be paid to each class of shareholders? Preferred Dividend = $6,400, Common Dividend - $2,600 Preferred Dividend = $4,800, Common Dividend = $4,200 Preferred Dividend = $1,600, Common Dividend $7400 Preferred Dividend = $9,000; Common Dividend = $0 Preferred Dividend + $0; Common Dividend = 9,000