Smith Company's outstanding stock consists of 1,400 shares of cumulative 6% preferred stock with a $100 par value and 10,400 shares of common stock with a $10 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends. Year 1 Year 2 Year 3 Dividends Declared & Paid $ 2,400 $ 6,400 $ 34,000 The total amount of dividends paid to preferred and common shareholders over the three-year period is: Multiple Choice $16,800 preferred; $26,000 common. $19,200 preferred; $23,600 common. $25,200 preferred; $17,600 common. $8,400 preferred; $34,400 common. $14,800 preferred; $28,000 common