Ace Hardware Corporation had the following classes of stock in Stockholders' Equity Preferred Stock, $100 par, $6%, non-cumulative stock, 5,000 shares issued Common Stock, $10 par, 50,000 shares issued The Board of Directors declared a dividend in total for $100,000 Instructions: 1 How much of the dividend would go to the preferred stock in total and the common stock in total? 2 How much of the dividend would go to the preferred and common if the preferred stock was cumulative and the company was in arrears for one year