Ex. 136 Derek Corporation was organized on January 1, 2007. During its first year, the corporation issued 40,000 shares of $5 par value preferred stock and 400,000 shares of $1 par value common stock. At December 31, the company declared the following cash dividends: 2007 $10,000 2008 $30,000 2009 $70,000 Instructions (a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and not cumulative. (b) Show the allocation of dividends to each class of stock, Lasuming the preferred stock dividend is 8% and cumulative. (c) Journalize the declaration of the cash dividend at December 31, 2009 using the assumption of part (b)