Sweet Company's outstanding stock consists of 1500 shares of noncumulative 4% preferred stock with a $100 par value and 10,500 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$2500?Year 2$7000?Year 3$34,500?The total amount of dividends paid to preferred and common shareholders over the three-year period is:
A. $12,000 preferred; $32,000 common.
B. $13,000 preferred; $31,000 common.
C. $14,500 preferred; $29,500 common.
D. $18,000 preferred; $26,000 common.
E. $6000 preferred; $38,000 common.
Answer: C
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