Blossom Corporation was organized on January 1, 2021. During its first year, the corporation issued 2,050 shares of $50 par value preferred stock and 100,000 shares of $10 par value common stock. At December 31 , the company declared the following cash dividends: 2021,$6,000;2022,$14,500; and 2023, \$27,000. (a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and noncumulative. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 9% and cumulative. On January 1,2022 , Sheridan Corporation had retained earnings of $536,000. During the year, Sheridan had the following selected transactions. 1. Declared and paid cash dividends $116,000. 2. Corrected overstatement of 2021 net income because of inventory error $38,000. 3. Earned net income $343,000. 4. Declared and paid stock dividends $58,000. Determine the retained earnings balance at the end of the year. Retained earnings \$ Journalize the declaration of the cash dividend at December 31, 2023, under part (b). (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31