Stockholders' equity of Ernst Company consists of 87,000 shares of $5 par value, 11% cumulative prefe of $1 par value common stock. Both classes of stock have been outstanding since the company's ince dividends in the prior year, but it now declares and pays a $160,000 cash dividend at the current year Determine the amount distributed to each class of stockholders for this two-year-old company. Par Value per Preferred Share Dividend Rato 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 87,000 shares of $5 par value, 11% cumulative preferred stock and 315,000 shares ck have been outstanding since the company's inception. Ernst did not declare any pays a $160,000 cash dividend at the current year-end. stockholders for this two-year-old company. dend ate Dividend per Preferred Share Number of Preferred Shares Preferred Dividend for two years %