Crane Corporation was organized on January 1, 2021. During its first year, the corporation issued 2,050 shares of $50 par value preferred stock and 101,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $5,300: 2022 $13,500; and 2023. $28,500 (a) Show the allocation of dividends to each class of stock, assuring the preferred stock dividend is 7% and noncumulative 2021 2022 2023 Allocation to preferred stock $ $ Allocation to common stock $ $