The Hooper Company had 8,000 shares of $50 par, 9% non cumulative, fully participating preferred stock and 20,000 shares of $25 par common stock. The balance (normal) in the cash account is $110,000 and the balance (normal) in the retained earnings account is $108,000. The company declares the maximum cash dividend.

REQUIRED: Determine the amount that will be paid to each class of stock.