Coronado Industries was organized on January 1, 2021. During its first year, the corporation issued 1,600 shares of $50 par value preferred stock and 110,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021. 55,400; 2022. $12,800, and 2023. $27.700. Your answer is correct. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. (Do not leave any answer field blank. Enter for amounts.) 2021 2022 2023 Total dividend $ 5400 $ 12800 $ 27700 Allocation to preferred stock 5400 5600 5600 Remainder to common stock $ 0 $ 7200 $ 22100 Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 8% and cumulative. (Do not leave any answer field blank. Enter for amounts.) 2021 2022 2023 Total dividend 5400 $ 12800 $ 27700 Allocation to preferred stock 5400 7400 6400 Remainder to common stock $ 0 $ 5400 $ 21300 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 for the amounts) Date Account Titles and Explanation Credit Cash Dividends 21.300 Debit Dec. 31 Dividends Payable 21,300