The shareholders' equity of Red Corporation includes $400,000 of $1 par common stock and $600,000 par of 8% cumulative preferred stock. The board of directors of Red declared cash dividends of $70,000 in 2021 after paying $40,000 cash dividends in 2020 and $60,000 in 2019. What is the amount of dividends common shareholders will receive in 2021? Multiple Choice $6,000. $14,000. $22,000. $56,000