Sweet Company's 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. Year 1 Year 2 Year 3 Dividends Declared & Paid $ 2,000 $ 6,000 $ 32,000 The amount of dividends paid to preferred and common shareholders in year 3 is: Multiple Choice $7,000 preferred: $25,000 common $7,000 preferred, $25,000 common $5,000 preferred, $27,000 common O $15,000 preferred: $17,000 common $32,000 preferred: $0 common So preferred: $32,000 common