Cullumber Corporation was organized on January 1, 2021. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 108,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $5,500; 2022, $14,100; and 2023, $27,500. (a) Your answer is correct. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and noncumulative. 2021 2022 2023 Allocation to preferred stock $ 5500 $ 6000 $ 6000 Allocation to common stock $ i $ 8100 $ 21500 e Textbook and Media List of Accounts Attempts: 2 of 5 used (b) Your Answer Correct Answer Your answer is partially correct. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 8% and cumulative. 2021 2022 2023 Allocation to preferred stock $ 5500 $ 6000 $ 8000 Allocation to common stock $ i $ $ 19500 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31