Victory Stables has 1,000 common shares and 2,000 preferred shares outstanding. The preferred shares have current dividend preference. The preferred shares have a dividend rate of $2.25 per share. Victory has $11,000 to distribute in dividends. Accordingly, it will distribute

		$11,000 to the common shareholders
		$7,333.33 to the preferred shareholders and $3,666.67 to the common shareholders
		$4,500 to the preferred shareholders and $6,500 to the common shareholders
		$11,000 to the preferred shareholders