4 Fargo Company's outstanding stock consists of 400 shares of noncumulative 5% preferred stock with a $10 par value and 7,000 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. oints Dividends Declared Paid $40,000 $ 9,000 $49,000 San Year 1 year 2 year 3 The amount of dividends paid to preferred and common shareholders in year 1