Fargo Company's outstanding stock consists of 950 shares of noncumulative 5% preferred stock with a $10 par value and 4,800 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 & Paid year 1 $ 33,000 year 2 $ 5,000 year 3 $ 42,000 The amount of dividends paid to preferred and common shareholders in year 1 is:
