Lakeshore Co. has $200,000 of no par value 4% cumulative preferred shares, and 12,000 shares of no par value common shares outstanding. In its first three years of operation, the company paid cash dividend as follows: Year 1: $8,000; Year 2: $18,000; and Year 3: $24,000. The amount of dividends received by the common shareholders in year 1 was a) $4,000. b) $0. c) $8,000. d) $12,000. The amount of dividends received by the preferred shareholders in year 2 was a) $8,000. b) $9,000. c) $12,000. d) $18,000. The amount of dividends received by the common shareholders in year 3 was a) $8,000. b) $12,000. c) $16,000. d) $20,000