J&J Corporation had the following stock issued and outstanding at January 1, 2009:
1. 124,000 shares of $14 par common stock 2. 9,500 shares of $90 par, 7 percent, noncumulative preferred stock.
On May 10, J&J Corporation declared the annual cash dividend on its 9,500 shares of preferred stock and a $5 per share dividend for the common shareholders. The dividends will be paid on June 15 to the shareholders of record on May 30.
What is the preferred stock and common stock?