Williams Corporation has had 3,000 shares of 8%, $100 par, cumulative, participating preferred stock and 75,000 shares of $5 par value common stock outstanding during its first three years of operation. Total dividends on both the preferred and common stock for each of the first three years were Year 1 - $15,000 Year 2 - $40,000 Year 3 - $95,000 The total dividends paid to the preferred stockholders in Year 1 is $ 8,000 $12,000 $15,000. $18,000