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Colliers, Incorporated, has 125,000 shares of cumulative preferred stock outstanding. The preferred stock pays dividends in the amount of $2 per share, but because of cash flow problems, the company did not pay any dividends last year. The board of directors plans to pay dividends in the amount of $730,000 this year. Required: 1. What amount will go to preferred stockholders? 2. How much will be available for common stock dividends? At December 31 , the records of Nortech Corporation provided the following selected and incomplete data: Common stock (par $1; no changes during the current year). Shares authorized, 500,000 . Shares issued, ?; issue price $26 per share. Common Stock account, $240,000. Shares held as treasury stock, 3,400 shares, cost $24 per share. Net income for the current year, $224,770, Dividends declared and paid during the current year, $68,614. Retained Earnings balance, beginning of the year, $159,000. Required: Complete the following: TIP: To determine the number of shares issued, divide the balance in the Common Stock account by the par value per share. (Round "per share" answers to 2 decimal places.)