Knudsen Corporation was organized on January 1, 2019. 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: 2019, $5,000; 2020, $12,000; and 2021, $28,000. Your answer is correct. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and noncumulative. 2019 2020 2021 Allocation to preferred stock $ 5000 5000 $ 6000 6000 $ 6000 Allocation to common stock $ 6000 $ 22000 Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and cumulative. 2019 2020 2021 Allocation to preferred stock $ 5000 $ % 9000 $ 7000 Allocation to common stock $ ta 3000 21000 Journalize the declaration of the cash dividend at December 31, 2021, under part (b). (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Retained Earnings 28000 Dividends Payable 28000