Ultimate Sportswear has $290,000 of 6% noncumulative, nonparticipating, preferred stock outstanding. Ultimate Sportswear also has $690,000 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 $49,000. This dividend should be distributed as follows:

Multiple Choice

• $12,250 preferred; $36,750 common.

• $26,000 preferred; $23,000 common.

• $24,500 preferred; $24,500 common.

• $17,400 preferred; $31,600 common.

• $0 preferred; $49,000 common.