Gracey's Department Stores has $219,000 of 5% noncumulative, preferred stock outstanding. Gracey's also has $619,000 of...

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Gracey's Department Stores has $219,000 of 5% noncumulative, preferred stock outstanding. Gracey's also has $619,000 of common stock outstanding. During its first year, the company paid cash dividends of $49,000. This dividend should be distributed as follows: Gracey's Department Stores has $219,000 of 5% noncumulative, preferred stock outstanding. Gracey's also has $619,000 of common stock outstanding. During its first year, the company paid cash dividends of $49,000. This dividend should be distributed as follows: