Exercise 14-2 (Part Level Submission) Knudsen Corporation was organized on January 1, 2016. During its first year, the corporation issued 1,900 shares of $50 par value preferred stock and 102,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2016, 55,250; 2017, $14,000; and 2018, 527,500 Your answer is correct. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. (b) Your answer is partially correct. Try again. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 9% and cumulative. 2016 2017 2018 Allocation to preferred stock 5,250 8,550 8,550 $ $ Allocation to common stock 5,450 18,950 Click if you would like to Show Work for this question: Open Show Work