Sweet Company's outstanding stock consists of 1,750 shares of cumulative 5% preferred stock with a $100 par value and 17,500 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 Dividends Declared & Paid $ 3,500 $10,500 $56,000 The amount of dividends paid to preferred and common shareholders in year 3 is: Multiple Choice $12,250 preferred: $43,750 common $8,750 preferred: $47,250 common Multiple Choice $12,250 preferred: $43,750 common $8,750 preferred: $47,250 common. $17,500 preferred; $38,500 common. O $56,000 preferred; $0 common $0 preferred; $56,000 common