HELP PART C

Waterway industries was organized on January 1, 2024. During its first year, the corporation issued 2,400 shares of $50 par value preferred stock and 150,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends:2024,\$5,800;2025, \$13,100; and 2026, \$28,800. (a) Your answer is correct. Show the atlocation of dividends to each class of stock, assuming the preferred stock dividend is 5% and noncumulative. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and cumulative. Journalize the declaration of the cash dividend at December 31, 2026, under part (b). (Credit account titles are autamatically indented when amount is entered, Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.)