QUESTION 22 The outstanding capital stock of Gaerke Corporation consists of 30,000 shares of $20 par value, 8% preferred stock, and 500,000 shares of $1 par value common stock. Gaerke has decided to pay dividends of $2,000,000 of dividends. The preferred shares haven't received any dividend in the previous 3 years. How much will the COMMON SHAREHOLDERS receive if the preferred stock is CUMULATIVE and NONPARTICIPATING? Please round your answer to the nearest dollar