Stockholders' equity of Ernst Company consists of 83,000 shares of $5 par value, 9% cumulative preferred stock and 295,000 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. Calculation of preferred dividend: Total cash dividend To preferred shareholders To common shareholders Par Value per Preferred Dividend Rate Dividend per Preferred Number of Preferred Share Share Shares Preferred Dividend for two years %