Homework 13 Equity Face Mask Inc. has the following shares authorized, issued and outstanding as of May 31 10,000 shares of $1 par value common stock 5,000 shares of $100 par value 6% cumulative Preferred Stock In the first year of operations, Face Mask Inc. does not declare a dividend. In the second year of operations, Face Mask Inc declares a $70,000 dividend How much of the year 2 dividend will be paid to Preferred? How much of the year 2 dividend will be paid to Common?