The Board of Directors wants to issue a common dividend of $0.50 per share at the end of 2016. The company has never paid a dividend to either common or preferred shareholders. The company has 1,000 shares of $20 par value, 5% cumulative preferred stock outstanding that was originally issued on January 1, 2014 at $27 per share. The company has 350,000 common shares that are currently outstanding. What would be the amount of dividends paid at the end of 2016 if the Board of Directors does in fact decide to issue a dividend to common and preferred shareholders? O Common $500,000; Preferred $4,000 Common $175,000; Preferred $1,000 O Common $500,000; Preferred $1,000 O Common $175,000; Preferred $3,000