. Belford Brothers, Inc., has 10 percent noncumulative, nonparticipating preferred stock outstanding with a par value of $200,000. The company also has common stock outstanding with a par value of $800,000. In Belford's first year of operation, no dividends were paid, but during the second year, Belford declared dividends of $60,000. How should the dividends be distributed that year between the two classes of stock