Ultimate Sportswear has $120,000 of 10% noncumulative, nonparticipating, preferred stock outstanding. Ultimate Sportswear also has $520,000 of common stock outstanding. In the company's first year of operation, no dividends were paid. During the second year, the company paid cash dividends of $32,000. This dividend should be distributed as follows: $16,000 preferred: $16,000 common $8,000 preferred: $24,000 common. $17.000 preferred: $15,000 common $12,000 preferred: $20,000 common $0 preferred: $32,000 common