A corporation is preparing to declare a dividend for the current period. The corporation has 500,000 shares of 7.5%, $100 par value cumulative preferred stock authorized, of which 45,000 shares are issued and 40,000 shares are outstanding. The corporation also has $1 par value common stock, of which 275,000 shares are issued and 250,000 shares are outstanding. Dividends relative to the preferred stock are three years in arrears. If the corporation declares a $2,887,500 dividend during the current period, the total dividend applicable to the preferred and common stockholders is:

Group of answer choices

$300,000 and $2,587,500, respectively

$337,500 and $2,550,000, respectively

$1,350,000 and $1,537,500, respectively

$1,200,000 and $1,687,500, respectively