Exercise 14-2 (Part Level submission) corporation issued 2,050 shares of $50 par value preferred stock 2018, Knudsen Corporation was organized on January 1, 2016. During its first year, the dividends: 2016, $5,975; 2017, $14,400; and and 106,000 shares of $10 par value common stock. At December the company the following cash 31, $27,500. v (a) Your answer is correct. and noncumulative. Show the allocation of dividends to each dass of stock, assuming the preferred stock dividend is 7% Allocation to preferred stock d 20325 7225 Allocation to common stock salow LIST ACCOUNTS sle0w SouluTION