Please answer question #8 part B, Showing ALL work accordingly. Thank you!

Novak Corp. was organized on January 1, 2021. During its first year, the corporation issued 2,100 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: 2021 $4,000; 2022. $13,500; and 2023, $29,000. (a) Your answer has been saved. See score details after the due date, Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 5% and noncumulative. (Do not leave any answer field blank Enter for amounts.) 2021 2022 2023 Total dividend 4,000 $ 13.500 $ 29,000 Allocation to preferred stock 4,000 5,250 5,250 Remainder to common stock $ 0 $ 8.250 $ 23,750 (b) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and cumulative. (Do not leave any answer field blank. Enter for amounts.) 2021 2022 2023 Total dividend Allocation to preferred stock Remainder to common stock $ $