Sweet Company's outstanding stock consists of 1800 shares of cumulative 4% preferred stock with a $100 par value and 10,800 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$2800?Year 2$6800?Year 3$36,000?The total amount of dividends paid to preferred and common shareholders over the three-year period is:
A. $17,200 preferred; $28,400 common.
B. $14,400 preferred; $31,200 common.
C. $21,600 preferred; $24,000 common.
D. $14,000 preferred; $31,600 common.
E. $7200 preferred; $38,400 common.
Answer: C
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