Torino Company has 10,000 shares of $5 par value, 4 % cumulative and nonparticipating preferred stock and 100,000 shares of $10 par value common stock outstanding. The company paid total cash dividends of $1,000 in its first year of operation. The cash dividend that must be paid to preferred stockholders in the second year before any dividend is pald to common stockholders is Multiple Choice $1000 $2000. $3.000 $4,000