Check my Gracey's Department Stores has $208,000 of 6% noncumulative, preferred stock outstanding. Gracey's also has $608,000 of common stock outstanding. During its first year, the company paid cash dividends of $38,000. This dividend should be distributed as follows: Multiple Choice $19,000 preferred: $19,000 common. O $13,040 preferred: $24,960 common $38,000 preferred: 50 common 5