QS 11-10 Dividend allocation between classes of shareholders LO C2 1.11 points Stockholders' equity of Ernst Company consists of 77,000 shares of $5 par value, 9% cumulative preferred stock and as oo share 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 $110,000 cash dividend at the current year-end. 02:26:34 Determine the amount distributed to each class of stockholders for this two-year-old company. Preferred Share Dividend Dividend per Number of Preferred Preferred Dividend for two years Rate eBook Share Shares Calculation of Preferred Dividend: Hint Total cash dividend To preferred shareholders To common shareholders Print References