Halverstein Company's outstanding stock consists of 11,550 shares of cumulative 5% preferred stock with a $10 par value and 4,950 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 $ 0 Year 2 Year 3 $ 9,900 $42,000 The amount of dividends paid to preferred and common shareholders in Year 2 is: Multiple Choice $6,930 preferred; $2,970 common. $9,900 preferred; $0 common. $4,950 preferred; $4,950 common.