Knudsen Corporation was organized on January 1, 2016. During its first year, the corporation issued 2,100 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: 2016, $6,350; 2017, $14,500; and 2018, $29,000. 2017 Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. 2016 2018 Allocation to preferred stock Allocation to common stock $ $ $ LINK TO TEXT VIDEO: SIMILAR EXERCISE Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 9% and cumulative. 2016 2017 2018 Allocation to preferred stock Allocation to common stock $ $