BACK s Exercise 14-2 Knudsen Corporation was organized on January 1, 2016. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 108,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2016,$5,300; 2017, $13,700; and 2018, $27,000. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and noncumulative 2016 2017 2018 Allocation to preferred stock Alocation to preferred stock 5,300 3,00 Allocation to common stock 27,000 S,300 6,000 s6,000 or ACcoUNTES Show the allocation of dividends to each class of stock, assuming the preferred stock dividend s i% sd a mulative. 2016 2017 2018 Allocation to preferred stock 5,300 13,700 $ 27,000 5,300 Allocation to common stock Journalize the declaration of the cash dividend at December 31, 2018, under part (b). (Credit account titles are automatically indented when amount is entered. Do not no entry is required, select "No Entry" fo indent manually. r the account titles and enter O for the amounts.) Credit Date Account Titles and Explanation Dec. 31 Retained Earnings Dividends Payable Clic k if you would like to Show Work for this question: Open Show