Fargo Company's outstanding stock consists of 600 shares of noncumulative 5% preferred stock with a $10 par value and 3.200 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 $ 22,000 $5,000 $ 31,000 year 1 year 2 year 3 The amount of dividends paid to preferred and common shareholders in year 1 is: Multiple Choice 5300 preferred, $21700 common $5,000 preferred, $16.000 common. $19,0000 preferred $3,000 common