Sweet Company's outstanding stock consists of 1,000 shares of cumulative 5% preferred stock with a $100 par value and 5,000 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 total amount of dividends paid to preferred and common shareholders over the three-year period is: