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QS 11-12 (Algo) Dividend allocation between classes of shareholders LO C2 Stockholders' equity of Ernst Company consists of 94,000 shares of $5 par value, 10% cumulative preferred stock and 350,000 shares of $1 par value common stock. Both classes of stock have been outstanding since the company's inception. Emst did not declare any dividends in the prior year, but it now declares and pays a $140,000 cash dividend at the current year-end. Determine the amount distributed to each class of stockholders for this two-year-oid company. QS 11-12 (Algo) Dividend allocation between classes of shareholders LO C2 Stockholders' equity of Ernst Company consists of 94,000 shares of $5 par value, 10% cumulative preferred stock and 350,000 shares of $1 par value common stock. Both classes of stock have been outstanding since the company's inception. Emst did not declare any dividends in the prior year, but it now declares and pays a $140,000 cash dividend at the current year-end. Determine the amount distributed to each class of stockholders for this two-year-oid company