Ex:9 A corporation had the following stock outstanding when the company's board of directors declared a $55,000 cash dividend during the current year: referred stock, $10 par, 4%, 50,000 shares issued Common stock, $1 par, 750,000 shares issued .. Total.. 500,000 750,000 S1,250,000 Allocate the cash dividend between the preferred and common stockholders assuming the preferred stock is cumulative and nonparticipating and dividends are one year in arrears