Access Garde Corporation has 200,000 shares of $1.75 preferred stock outstanding in addition to its common stock. The $1.75 designation means that the prefered stockholders receive an annual cash dividend of $1.75 per share. In 2021, Access Garde declares an annual dividend of $500,000. The allocation to preferred and common stockholders is (Click the icon to view the data.) Read the requirements 1. How much in dividends must Access Garde declare each year before the common stockholders receive any cash dividends for the year? Dividends the company must declare each year before the common stockholders receivable any cash dividends $350,000 2. Suppose Access Garde declares cash dividends of $675,000 for 2021. How much of the dividends goes to preferred shareholders? How much goes to common shareholders? Class of Stock 2021 Dividends Preferred Common Total