Sweet Companys outstanding stock consists of 1,200 shares of cumulative 4% preferred stock with a $100 par value and 11,200 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. Dividends Declared & Paid Year 1 $ 3,200 Year 2 $ 7,200 Year 3 $ 38,000 The total amount of dividends paid to preferred and common shareholders over the three-year period is: