Outstanding stock of the Sheridan Company included 35000 shares of $5 par common stock and 14000 shares of 5%, $10 par non- cumulative preferred stock. In 2019, Sheridan declared and paid dividends of $3500. In 2020, Sheridan declared and paid dividends of $10500. How much of the 2020 dividend was distributed to preferred shareholders? $3500. $10500. $7000 None of these answer choices are correct