The amount of dividends paid to preferred and common shareholders in year 1 is: Multiple Choice $21,0000 preferred: $3,000 common $400 preferred; $23,600 common. $8,000 preferred: $16,000 common O O $21,0000 preferred: $3,000 common. O O $400 preferred; $23,600 common. $8,000 preferred: $16,000 common O $12,000 preferred: $12,000 common. O $24,000 preferred; $0 common. Fargo Company's outstanding stock consists of 800 shares of noncumulative 5% preferred stock with a $10 par value and 3,400 shares of common stock with a $1 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends Dividends Declared & Paid $24,000 $ 7,000 $33,000 year 1 year 2 year 3 The amount of dividends paid to preferred and common shareholders in year 1is