Alloy Corporation has $25,000$ shares of $$1\mathrm{.}40$ preferred stock outstanding in addition to its common stock. The $$1\mathrm{.}40$ designation means that the preferred stockholders receive an annual cash dividend of $$1\mathrm{.}40$ per share. In $2021,$ Alloy declares an annual dividend of $$500,000.$ The allocation to preferred and common stockholders is:

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How much in dividends must Alloy 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 $=$