Wildhorse Corporation has outstanding 55,000 shares of $50 par value, 5% preferred stock and 371,000 shares of $1 par value common stock. The preferred stock was issued in July 2017, and no dividends were declared in 2017 or 2018. In 2019, Wildhorse declares a cash dividend of $540,000. (a) * Your answer is incorrect. How will the dividend be shared by common and preferred stockholders if the preferred is noncumulative? Preferred Stockholders $ 250 Common Stockholders $ 1.08