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Gibraltar Corporation has 2 0 0 , 0 0 0 shares of 9 % , $ 5 0 par value cumulative preferred stock authorized, 8

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Gibraltar Corporation has 200,000 shares of 9%,$50 par value cumulative preferred stock authorized, 80,000 shares issued, and 75,000 outstanding, as well as 300,000 shares of $10 par value common stock issued and outstanding. Dividends relative to the preferred stock are two years in arrears. If Gibraltar declares a $2,137,500 dividend during the current period, the amount of the dividend applicable to the preferred and common stockholders is:
$1,012,500 and $1,125,000, respectively
$675,000 and $1,462,500, respectively
$1,350,000 and $787,500, respectively
$2,025,000 and $112,500, respectively
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