E14.2 (LO 1) Knudsen Corporation was organized on January 1, 2019. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 100,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2019, $5,000;2020,$12,000; and 2021,$28,000. Allocate cash dividends to preferred and common stock. Instructions a. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and noncumulative. b. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and cumulative. c. Journalize the declaration of the cash dividend at December 31,2021 , under part (b). E14.3 (LO 1) On January 1, 2020, Frontier Corporation had $1,000,000 of common stock outstanding that was issued at par. It also had retained earnings of $750,000. The company issued 40,000 shares of common stock at par on July 1 and earned net income of $400,000 for the year. Instructions Journalize the declaration of a 15\% stock dividend on December 10, 2020, for the following independent assumptions. a. Par value is $10, and market price is $18. b. Par value is $5, and market price is $20