Fargo Company's outstanding stock consists of 450 shares of noncumulative 5% preferred stock with a $10 par value and 4,200 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. Dividends Declared & Paid year 1 year 2 $ 28,000 year 3 $ 6,000 $ 37,000 The amount of dividends paid to preferred and common shareholders in year 1 is: Multiple Choice $225 preferred; $27.775 common. $14,000 preferred; $14,000 common $4,500 preferred; $23.500 common $28 000 nreferred 50 common Submit