Knudsen Corporation, LLC was organized on the 1st. January 2016. During its first year of operations, the corporation issued 2,000 shares of US $ 50 par value of preferred shares and 100,000 shares of US $ 10 par value of common shares. As of December 31, the corporation declared the following dividends paid in cash in current currency: 2016, US $ 5,000; 2017, US $ 12,000; and 2018, US $ 28,000. Instructions: Show the dividend allocation for each class or type of share, assuming that the preferred share dividend is 6% and is not cumulative. Show the allocation of dividends for each class or type of share, assuming that the dividend on preferred shares is 7% and is not cumulative. Present the corresponding records in the Journal that reflect the dividends of the preferred shares as of December 31 under part (b).