am 3 -Chapter 11&Appendix 13A 6 Help Save &Exit Submit Fargo Company's outstanding stock consists of 750 shares of noncumulative 5% preferred stock with a SO par value ad 5,600 shares of common stock with a $1 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends year i $38,000 year 2 7,000 year 3 $47,000 The amount of dividends paid to preferred and common shareholders in year1 is: Mutiple Choice $375 preferred: $37625 common MacBook Pro