Gap and co has 8% $100 par value noncumulative preferred stock issued
and $5 par value comon stock issued. The following is the stockholders equity section
of the balance sheet at December 31, 2020:
Preferred Stock 8% $100 par value			1,000,000
Additional Paid in Capital PS			700,000
Common Stock, $5 par value			800,000
Additional paid in capital CS			400,000
Retained Earnings			2,200,000
			5,100,000
On July 10th, 2021, the board of directors declared a dividend of $1,240,000
Explain how the dividend is broken down between the preferred stock and the common stock.