Illustration: On December 31, 2017, IBR Inc. has 1,000 shares of 8%, $100 par value cumulative preferred stock. It also has 50,000 shares of $10 par value common stock outstanding. At December 31, 2017, the directors declare a $6,000 cash dividend. Prepare the entry to record the declaration of the dividend. Preferred Dividends: 1,000 shares x $100 par x 8% $8,000 14-8 LO ALLOCATING CASH DIVIDENDS Illustration: At December 31, 2018, IBR declares a $50,000 cash dividend. Show the allocation of dividends to each class of stock. 2017 2018 Dividends declared Diidends in arrears Allocation to preferred Remainder to common LO ALLOCATING CASH DIVIDENDS Illustration: At December 31, 2018, IBR declares a $50,000 cash dividend. Prepare the entry to record the declaration of the dividend