Cullumber Corporation was organized in January 1, 2019.

Question 7 Cullumber Corporation was organized on January 1, 2019. During its first year, the corporation issued 1,900 shares of $50 par value preferred stock and 105,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2019, $5,250; 2020, $14,400; and 2021, $29,000. Your answer is correct. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. 2019 2020 2021 5250 6650 6650 Allocation to preferred stock $ 7250 22350 Allocation to common stock SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT Your answer is correct. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 9% and cumulative. 2021 2019 2020 5250 11850 8550 Allocation to preferred stock 2550 20450 Allocation to common stock SHOWNLOCUIES WILSON SHOWLANE x Your answer is incorrect. Try again. Journalize the declaration of the cash dividend at December 31, 2021, 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 tities and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Click if you would like to Show Work for this question: Oren Show Work