Situation 1 Espino Company has the following stock outstanding: Common Stock Preferred Stock 100,000 shares 9,000 shares s0.50 par value s20 par, $2 dividend The amount available for dividends this year is $50,000. Prepare the dividend allocation between the preferred and common shares. Situation 2 Chiola Corporation has the following stock outstanding: Common StockPreferred Stock 40,000 shares Cumulative: 4,000 shares $1 par value $40 par, $2 dividend Noncumulative: 5,000 shares $40 par, $2 dividend No dividends were declared in year 1 of operation. In year 2, there is $56,000 available for dividends. Prepare the dividend allocation between the preferred and common shares.