Halverstein Company's outstanding stock consists of 14,000 shares of cumulative 5% preferred stock with a $10 par value and 6000 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$0?Year 2$12,000?Year 3$49,000?The amount of dividends paid to preferred and common shareholders in Year 2 is:
A. $0 preferred; $12,000common.
B. $8400 preferred; $3600 common.
C. $12,000 preferred; $0 common.
D. $7000 preferred; $5000 common.
E. $6000 preferred; $6000 common.
Answer: C
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