Question 20 (4 points)

Lake Mills has two classes of stock. Preferred stock is $100 par, 5% cumulative stock. 50,000 shares are issued and outstanding. The company also has 500,000 shares of $5 par common stock issued and outstanding. The company's board of directors did not authorize payment of dividends in fiscal year 2019. Having recovered in fiscal year 2020, the company's board declared dividends for common stockholders as well as paying dividends to its preferred stockholders. Total dividends were $650,000.

1. How much was paid to preferred stockholders?

2. How much was paid to common stockholders?

HINTS: Preferred is cumulative. Enter your answers with no $ sign and no commas.