Reading Co. has outstanding 10,000 shares of $100 par value cumulative preferred stock, with a dividend rate of 7%. The company also has outstanding 50,000 shares of $50 par value common stock. A dividend of $250,000 is declared and paid.  If dividends on preferred stock are one year in arrears, and no dividends have been paid yet in the current year, how will the total $250,000 dividend be divided between the two classes of stock?

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