Sweet Companys outstanding stock consists of 1,900 shares of cumulative 5% preferred stock with a $100 par value and 10,900 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	$ 2,900
Year 2	$ 6,900
Year 3	$ 36,500

The amount of dividends paid to preferred and common shareholders in year 3 is:Multiple Choice

• $28,500 preferred; $8,000 common.

• $9,500 preferred; $27,000 common.

• $0 preferred; $36,500 common.

• $18,700 preferred; $17,800 common.

• $36,500 preferred; $0 common.