Ultimate Sportswear has $300,000 of 8% noncumulative. nonparticipating, preferred stock outstanding. Ultimate Sportswear also has $700,000 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 $50,000. This dividend should be distributed as follows. $27,000 preferred; $23,000 common. $12, 500 preferred; $37, 500 common. $24,000 preferred; $26,000 common. $25,000 preferred; $25,000 common. $0 preferred; $50,000 common