Sweet Company's outstanding stock consists of 1,500 shares of cumulative 5% preferred stock with a $100 par value and 11,500 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 Dividend Declared $3,500 $ 7,500 $39,500 The amount of dividends paid to preferred and common shareholders in year 3 is: Multiple Choice O $11.500 preferred: $28,000 common O $0 preferred, $39,500 common O $39,500 preferred: $0 common