Sed Help Sove & Exit Sul Fargo Company's outstanding stock consists of 750 shares of noncumulative 5% preferred stock with a $10 par value and 4,400 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 Dividends Declared & Paid $31,000 $ 9,000 $40,000 year 1 year 2 year 3 The amount of dividends paid to preferred and common shareholders in year is Multiple Choice $7500 preferred $23.500 common $15.500 preferred: 515,500 common 511000 preferred so common 0 5375 preferred 510,625 common