Bulu 1) Gracey's Department Stores has $200,000 of 6% noncumulative, nonparticipating, preferred stock outstanding. Gracey's also has $600,000 of common stock outstanding. During its first year, the company paid cash dividends of $30,000. This dividend should be distributed as follows: A) $15,000 preferred; $15,000 common. B) $6,000 preferred; $24,000 common. C) $30,000 preferred; $0 common. D) $12,000 preferred; $18,000 common. E) $0 preferred; $30,000 common