Stockholders' equity of Ernst Company consists of 86,000 shares of $5 par value, 10% cumulative preferred stock and 310,000 shares of $1 par value common stock. Both classes of stock have been outstanding since the company's inception. Erst did not declare any dividends in the prior year, but it now declares and pays a $155,000 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 Shane luidend Rate Dividend per Preferred Share Number of Preferred Shares Preferred Dividend for two years Calculation of Preferred Dividend: % Total cash dividend To preferred shareholders To common shareholders $