Fargo Company’s outstanding stock consists of 400 shares of…
Fargo Company’s outstanding stock consists of 400 shares of noncumulative 5% preferred stock with a $10 par value and 3,700 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 and PaidYear 1 $27,000Year 2 $5,000Year 3 $36,000 The amount of dividends paid to preferred and common shareholders in year 1 is: