Halverstein Company's outstanding stock consists of 12,950 shares of cumulative 5% preferred stock with a $10 par value and 5,550 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. Year 1 Year 2 Year 3 Dividends Declared & Paid $ 0 $ 11,100 $ 46,000 The amount of dividends paid to preferred and common shareholders in Year 2 is: Multiple Choice $6,475 preferred; $4,625 common. O $5,550 preferred; $5,550 common, O $0 preferred: $11,100common. $7,770 preferred; $3,330 common. $11,100 preferred: $0 common