A company's outstanding stock consists of the following: 20,000 shares of noncumulative 10% preferred stock with a $10 par value. 150,000 shares of common stock with a $2 par value. During its first three years of operation, the company declared and paid the following total cash dividends. Determine the amount of dividends paid each year to each of the two classes of stockholders: preferred and common. Year 1 total cash dividends Year 2 total cash dividends Year 3 total cash dividends $ 18,000 $ 36,000 $ 60,000 Total Cash Dividend Paid Year 1 $ 18,000 Year 2 36,000 Year 3 60,000 Total: $ 114,000 Paid to Preferred Dividends in Paid to Common Arrears at year-end