Stockholders' equity of Ernst Company consists of 80,000 shares of $5 par value, 8% cumulative preferred stock and 250,000 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 $110,000 cash dividend at the current year-end Determine the amount distributed to each class of stockholders for this two-year-old company Par Value per Preferred Share Dividend per Preferred Share Number of Preferred Shares Preferred Dividend for two years Dividend Calculation of preferred dividend Total cash dividend o preferred shareholder To common shareholders