problem: Lio Sports has $100,000 of 8% non-participating, non-cumulative, preferred stock outstanding. Lio Sports also has $500,000 of common stock outstanding. In the firm's 1st year of operation, no dividends were paid. During the 2nd year, Lio Sports paid cash dividends of $30,000. How should this dividend be distributed between common & preferred stockholders? Show your all calculations.