Exercise 14-2 Knudsen Corporation was organized on January 1, 2016. During its first year, the corporation issued1,950shares of $50par value preferred stock and109,000shares of $10par value common stock. At December 31, the company declared the following cash dividends: 2016, $5,350; 2017, $14,000; and 2018, $28,500.

Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is6% and noncumulative.

2016	2017	2018
Allocation to preferred stock	$	$	$
Allocation to common stock	$	$	$

SHOW LIST OF ACCOUNTS

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Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is8% and cumulative.

2016	2017	2018
Allocation to preferred stock	$	$	$
Allocation to common stock	$	$	$

SHOW LIST OF ACCOUNTS

LINK TO TEXT

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