Fargo Company's outstanding stock consists of 400 shares of noncumulative 5% preferred stock with a $10 par value and 3,000 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 & Paidyear 1$20,000year 2$6,000year 3$32,000The amount of dividends paid to preferred and common shareholders in year 1 is:
A. $20,000 preferred; $0 common.
B. $200 preferred; $19,800 common.
C. $4,000 preferred; $16,000 common.
D. $10,000 preferred; $10,000 common.
E. $17,000 preferred; $3,000 common.
Answer: B
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