Halverstein Company's outstanding stock consists of 7,000 shares of cumulative 5% preferred stock with a $10 par value and 3,000 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. Year Dividend Declared 2015 $0 2016 $6,000 2017 $32,000 The amount of dividends paid to preferred and common shareholders in 2016 is: $3,500 preferred; $2,500 common. $3,000 preferred; $3,000 common. $0 preferred; $6,000 common. $4,200 preferred; $1,800 common. $6,000 preferred; $0 common.