Fargo Company's outstanding stock consists of 850 shares of noncumulative 6% preferred stock with a $10 par value and 4,400 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 $39,000 $ 8,000 $48,000 year 1 year 2 year 3 The amount of dividends paid to preferred and common shareholders in year 1 is: Multiple Choice $510 preferred: $38,490 common 500 preferred: $30,500 common $31,5000 preferred: $7,500 common $19,500 preferred: $19,500 common $39.000 preferred: $0 common