Gomez Company has 50,000 shares of $200 par value, 8% cumulative preferred stock and 160,000 shares of $120 par value common stock. Francisco declares and pals cash dividends amounting to $880,000. If no arrearage on the preferred stock exits, how much in total dividends is paid to each class of stock? Preferred $256,000/ Common $624,000 Preferred $640,000/Common $240,000 Preferred $800,000/ Common $80,000 Preferred $880,000/Common $O