Green Planet Corp. has 5,000 shares of noncumulative 10% preferred stock with a $2 par value and 17,000 shares of common stock with a $0.01 par value. During its first two years of operation, Green Planet declared and paid the following total cash dividends.

Year 1 total cash dividends	$	800
Year 2 total cash dividends		1,700

Answer is complete but not entirely correct.

	Cumulative Preferred	Common
Year 1	$800selected answer correct	$0selected answer correct
Year 2	$1,000selected answer incorrect	$700