Platinum Garde, Inc. has 90,000 shares of $1.35 cumulative preferred shares outstanding in addition to its common shares. Assume that in 2020 , Platinum Garde declares an annual dividend of $1,000,000. The allocation to preferred and common shareholders is as follows: (Click the icon to view the data.) Answer these questions about Platinum's cash dividends: Requirement 1. How much in dividends must Platinum declare each year before the common shareholders receive any cash dividends for the year? Platinum Garde must declare dividonds of \& each year belore the common shareholders receive any cash dividends for the year. Requirement 2. Suppose Platinum declares cash dividends of $650,000 for 2020. How much of the dividends go to preferred? How much go to common? Requirement 3. Are Platinum's preferred shares cumulative or non-cumulative? How can you tell? Platinum Garde's preforred ohares are because preferred shares are unless they are statod as Requirement 4. Platinum passed the preferred dividend in 2018 and 2019 . Then in 2020 , Platinum declares cash dividends of $1,400,000, How much of the dividends g0 to preferted? How much go to common? Data table