Allocate cash dividends to E14-2 Knudsen Corporation was organized on January 1, 2016. During its first year, the preferred and common stock corporation issued 2,000 shares of $50 par value preferred stock and 100,000 shares of $10 (LO 1) par value common stock. At December 31, the company declared the following cash divi- dends: 2016, $5,000; 2017 $12,000; and 2018, $28,000. day show the allocation of dividends to each class of stock, asuming 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 79 and cumulative. (c) Journalize the declaration of the cash dividend at December 31, 2018, under part (b)