Halverstein Company's outstanding stock consists of 14,000 shares of cumulative 5% preferred stock with a $10 par value and 6,000 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 $ $12,880 $49,000 Year 1 Year 2 Year 3 The amount of dividends paid to preferred and common shareholders in Year 2 is. Multiple Choice O $7,000 preferred: $5,000 common