$1,000,000. The allocation to preferred and common shareholders is as follows: (Click the icon to view the data.) Answer these questions about Alloy's cash dividends: Requirement 1. How much in dividends must Alloy declare each year before the common shareholders receive any cash dividends for the year? Alloy Garde must declare dividends of \$ each year before the common shareholders receive any cash dividends for the year. Requirement 2. Suppose Alloy declares cash dividends of $200,000 for 2020 . How much of the dividends go to preferred? How much go to common? Requirement 3. Are Alloy's preferred shares cumulative or non-cumulative? How can you tell? Alloy Garde's preferred shares are because preferred shares are unless they are stated as to common? Data table