Abc company had the following stock outstanding when the companies board of directors declared a 90,000 cash dividend in the current year. Preferred stock, 100 par , 6% , 5000 shares issued 500,000 common stock , 10 par , 70000 shares issued 700,000 total 1,200,000 allocate the cash dividend between the preferred and common stockholders assuming the preferred stock is noncumulative