Torino Company has 1500 shares of $10 per value, 7.0% cumulative preferred stock and 15.000 shares of $10 par value common stock outstanding The company paid total cash dividends of $500 in its first year of operation. The cash vident that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is

1)$550

2)1050

3)2100

4)1600

5)500