Sweet Company's outstanding stock consists of 1300 shares of cumulative 5% preferred stock with a $100 par value and 10,300 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. Dividend DeclaredYear 1$2300?Year 2$6300?Year 3$33,500?The total amount of dividends paid to preferred and common shareholders over the three-year period is:
A. $12,800 preferred; $29,300 common.
B. $15,300 preferred; $26,800 common.
C. $19,500 preferred; $22,600 common.
D. $13,000 preferred; $29,100 common.
E. $6500 preferred; $35,600 common.
Answer: C
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