Ultimate Sportswear has $180,000 of 7% noncumulative, nonparticipating, preferred stock outstanding. Ultimate Sportswear also has $580,000 of common stock outstanding. In the company's first year of operation, no dividends were paid. During the second year, the company paid cash dividends of $38,000. This dividend should be distributed as follows:
a. $0 preferred; $38,000 common.
b. $9,500 preferred; $28,500 common.
c. $20,000 preferred; $18,000 common.
d. $12,600 preferred; $25,400 common.
e. $19,000 preferred; $19,000 common.
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