Il Resolve the following exercise (25 points) Big Leagues Corporation was organized on January 1, 2018. During its first year, the corporation issued 40,000 shares of $5 par value preferred stock and 400,000 shares of $1 par value common stock. At December 31, the company declared the following cash dividends 8,000 $30,000 $70,000 2018 2019 2020 Instructions Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 5% and not cumulative. (a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and cumulative (b) (c) Journalize the declaration of the cash dividend at December 31, 2020 using the assumption of part (b). Company uses separate accounts for preferred and common stocks