Il. Allocating dividends between Preferred and Common Stocks: (25 points) A partial presentation of the stockholders' equity section of ABC company is as follows: Preferred Stocks, 8%, ( 30,000 issued & outstanding) Paid-in capital in excess of par value $ 630,000 Common Stock (45,000 issued & outstanding) Paid-in capital in excess of par value 90,000 $765,000 S 45,000 the allocation between preferred and common stocks of the following independent dividends' declarations $45,000, preferred non-cumulative, company has not missed any previous dividend $60,000, preferred is cumulative. 75,000, preferred is cumulative