PVP Inc. has $800,000 of 8% preferred stock and $1,200,000 of common stock outstanding, each having a par value of...

PVP Inc. has $800,000 of 8% preferred stock and $1,200,000 of common stock outstanding, each having a par value of $10 per share. No dividends have been paid or declared during 2010 and 2011. As of December 31, 2012, PVP wishes to distribute $488,000 in dividends.