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Blossom Corporation was organized on January 1, 2021. During its first year, the corporation issued 1,900 shares of $50 par value preferred stock and 100,000
Blossom Corporation was organized on January 1, 2021. During its first year, the corporation issued 1,900 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,$4,500;2022,$13,500; and 2023,$27,000 (a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6$ and noncumulative
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