A Corporation Had the Following Stock Outstanding When the Company's

A corporation had the following stock outstanding when the company's board of directors declared a $95,000 cash dividend in the current year:
$\begin{array}{|l|r|}\hline \text { Preferred stock, } \$ 100 \text { par, } 6 \%, 5,000 \text { shares issued } & \$ 500,000 \\\hline \text { Common stock, } \$ 10 \text { par, } 70,000 \text { shares issued } & 700,000 \\\hline \text { Total } & \$ 1,200,000 \\\hline\end{array}$

Allocate the cash dividend between the preferred and common stockholders assuming the preferred stock is noncumulative and nonparticipating.