(Answered) 1stockholders equity of ernst company consists of 80000

Accounting

1.Stockholder's equity of Ernst Company consists of 80,000 shares of $ 5 par value, 8% cumulative preferred stock and 250,000 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 $ 110,000 cash dividend at the current year end. Determine the amount distributed to each class of stockholders for this two year old company.

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