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mework Help Save & E Che QS 11-10 Dividend allocation between classes of shareholders LO C2 Stockholders' equity of Ernst Company consists of 90,000 shares of $5 par value, 10% cumulative preferred stock and 330,000 shares of $1 par value common stock. Both classes of stock have been outstanding since the company's inception. Ernst did not declare any dividends in the prior year, but it now declares and pays a $145,000 cash dividend at the current year-end. Determine the amount distributed to each class of stockholders for this two-year-old company. Par Value per Dividend Dividend per Number of Preferred Preferred Share Preferred Dividend for Preferred Share Rate Shares two years Calculation of Preferred Dividend Total cash dividend To preferred shareholders To common shareholders