paved Exit Ultimate Sportswear has $150,000 of 8% noncumulative, nonparticipating, preferred stock outstanding. Ultimate Sportswear also has $550,000 of common stock outstanding. In the company's first year of operation, no dividends were paid. During the second year, the company paid cash dividends of $35,000. This dividend should be distributed as follows: $17,500 preferred: $17,500 common. $0 preferred: $35,000 common. O $8,750 preferred: $26,250 common. $19,000 preferred; $16,000 common. $12,000 preferred: $23,000 common. Pro