A company has 7000 shares of $50 par value. 70,000 shares of $10 par value common stock outstanding The company paid total cash dividends of $7.000o in ts first year of operation. The cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is. 4 50% cumulative and nonparticipating preferred stock and O $31.500 O $7000 O $24500 O $15,750 O $8.750