A company's outstanding stock consists of the following: 29,000 shares of cumulative 9% preferred stock with a $10 par value. 170,000 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 $ 20,000 Year 2 total cash dividends $ 50,000 Year 3 total cash dividends $ 62,000 Total Cash Dividend Paid Paid to Preferred Paid to Common Dividends in Arrears at year-end Year 1 $ 20,000 $ 20,000 Year 2 50,000 Year 3 62,000 Total: $ 132,000 $ 20,000 $ 0