Fargo Company has 2,300 shares of $20 par value, 75% cumulative and nonparticipating preferred stock and 23,000 shares of $10 par value common stock outstanding, Fargo paid total cash dividends of $3,000 in its 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: Multiple Choice $3,450 $3,000 $2.900 $3.900 $450 $6,900