QS $11-12($Algo$)$ Dividend allocation between classes of shareholders LO C$2$

Stockholders$$ equity of Ernst Company consists of $94,000$ shares of $$5$ par value, $10\%$ cumulative preferred stock and $350,000$ shares of $$1$ par value common stock. Both classes of stock have been outstanding since the company$$s inception. Ernst did not declare any dividends in the prior year, but it now declares and pays a $$140,000$ cash dividend at the current year$-$end.

Determine the amount distributed to each class of stockholders for this two$-$year$-$old company.