Fargo Company's outstanding stock consists of 550 shares of noncumulative 5% preferred stock with a $10 par value and 4,000 shares of common stock with a si par value During the first three years of operation, the corporation declared and paid the following total cash dividends Dividends Declared & Pald $29,000 $ 7,000 $38,000 year 1 year 2 year 3 The amount of dividends paid to preferred and common shareholders in year is Musile Choice 5275 preferred $28775 common