Fargo Company's outstanding stock consists of 650 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. Dividend Declared year 1 year 2 year 3 $30,000 $ 8,000 $39,000 The amount of dividends paid to preferred and common shareholders in year 1 is: Multiple Choice $24,250 preferred; $5,750 common. $30,000 preferred; $0 common. $325 preferred; $29,675 common. $6,500 preferred; $23,500 common. $15,000 preferred; $15,000 common