knudsen corporation was organized on january 1 2016 during its first year the corporation issued 2000 shares of 50 par value preferred stock and 100000

Instructions
(a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and noncumulative.
(b) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and cumulative.
(c) Journalize the declaration of the cash dividend at December 31, 2018, under part (b).