Sweet Companys outstanding stock consists of 1,000 shares of cumulative 5% preferred stock with a $100 par value and 10,000 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. Dividend Declared year 1 $ 2,000 year 2 $ 6,000 year 3 $ 32,000 The amount of dividends paid to preferred and common shareholders in year 3 is: Multiple Choice $7,000 preferred; $25,000 common. $5,000 preferred; $27,000 common. $15,000 preferred; $17,000 common. $32,000 preferred; $0 common. $0 preferred; $32,000 common.