Exercise 14-2 Knudsen Corporation was organized on January 1, 2016. During its first year, the corporation issued 2,050 shares of $50 par value preferred stock and 107,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2016, $5,675; 2017, $13,500; and 2018, $28,000. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. 2016 2017 2018 Allocation to preferred stock $ $ $ Allocation to common stock $ $ $ Show List of Accounts Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 8% and cumulative. 2016 2017 2018 Allocation to preferred stock $ $ $ Allocation to common stock $ $ $ Show List of Accounts Journalize the declaration of the cash dividend at December 31, 2018, 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 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31