Jordan Company has 1,000 shares of $50 par value, 5% cumulative preferred stock and 50,000 shares of $10 par value common stock outstanding. The company paid total cash dividends of $1,000 in its first year of operation and declared total cash dividends of $5,000 in its second year of operation. The cash dividend paid to common stockholders in the second year will be: $3,500 $1,000 $2,250 $2,750