Halverstein Company's outstanding stock consists of 9,800 shares of cumulative 5% preferred stock with a $10 par value and 4,200 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 $ 0 $ 8,400 $37,000 Year 1 Year 2 Year 3 The amount of dividends paid to preferred and common shareholders in Year 2 is: Multiple Choice O $0 preferred: $8,400common. $4,900 preferred; $3,500 common The amount of dividends paid to preferred and common shareholders in Year 2 is: Multiple Choice $0 preferred; $8,400common. $4,900 preferred: $3,500 common. $5,880 preferred; $2,520 common. $8,400 preferred; $0 common. $4,200 preferred: $4,200 common