Exercise 8 Salas Corporation was organized on January 1, 2016. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 100,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2016 $5,000 2017 $12,000 2018 $28,000. 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, assuming the preferred stock dividend is 7% and cumulative. (c) Journalize the declaration of the cash dividend at December 31, 2018, under part (b)