The following is the owners equity section of Simpson Co. at January 1, 20Y1:

Common Stock ($1 par value; 20,000,000 shares authorized; 4,000,000 shares issued and outstanding) 4,000,000 7% Preferred stock ($30 par value: 1,000,000 shares authorized: 400,000 shares issued and outstanding) 12,000,000 Additional paid-in capital on common stock Retained earnings Total Stockholders' Equity 17,000,000 35,000,000 $68,000,000 Simpson declares dividends on common and preferred stock annually. On December 23, 20Y1, Simpson declares the annual dividend of $1,500,000 to shareholders of record on December 31, 20Y1, to be paid January 5, 20Y2. Determine the total amount of the dividend that is allocated to common and preferred shareholders. Common Preferred