Kingbird, Inc. was organized on January 1, 2024. During its first year, the corporation issued 1,500 shares of $50 par value preferred stock and 110,000 shares of $10 par value common stock. At December 31 , the company declared the following cash dividends: 2024 , $4,000;2025,$11,500; and 2026,$27,400 (a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 8% and cumulative