At December 31, 2017, Lebron Company distributes $50,000 of cash dividends. Its outstanding common stock has a par value of $400,000, and its 6% preferred stock has a par value of $100,000 at December 31, 2017.

A) Show the allocation of dividends to each class of stock, assuming that the preferred stock dividend is 6% and not cumulative.

B) Show the allocation of the dividends to each class of stock, assuming the preferred stock dividend of 6% is cumulative and Lebron Company didn't pay any dividends on the preferred stock in the preceding 2 years.

C) Journalize the declaration of the cash dividend at December 31, 2017, assuming the requirements in part (B).