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Knudsen Corporation was organized on January 1 , 2 0 2 4 . During its first year, the corporation issued 2 , 0 0 0

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Knudsen Corporation was organized on January 1,2024. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 100,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2024,$5,000;2025,$12,000; and 2026,$28,000.
(a)
Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and noncumulative.
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