Sweet Company's outstanding stock consists of 1,000 shares of cumulative 5% preferred stock with a $100 par value and 10,000 shares of common stock with a $10 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends. Dividends Declared & Paidyear 1$2,000year 2$6,000year 3$32,000The amount of dividends paid to preferred and common shareholders in year 3 is:
A. $15,000 preferred; $17,000 common.
B. $0 preferred; $32,000 common.
C. $5,000 preferred; $27,000 common.
D. $32,000 preferred; $0 common.
E. $7,000 preferred; $25,000 common.
Answer: E
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