Torino Company has 1,400 shares of $20 par value, 6.5% cumulative and nonparticipating preferred stock and 14,000 shares of $10 par value common stock outstanding. The company paid total cash dividends of $1,500 in its first year of operation. The cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is: Multiple Choice 51820