Valley Ltd. has 120,000 common shares outstanding, that were issued for an average price of $7.50. The corporation also has 10,000 $3.50 cumulative preferred shares issued and outstanding that were issued for $7.00 each. Valley Ltd. has not declared dividends for the past two years. If the Board of Directors declares a dividend this year and wishes each common shareholder to receive a $1.05 dividend, the total amount of dividends declared will be _________________, with _______________ going to the preferred shareholders. Select answer from the options below $231,000; $105,000 $196,000; $105,000 $161,000; $35,000 $196,000; $70,000