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Question 1 Knudsen Corporation was organized on January 1, 2016. During its first year, the corporation issued 2,050 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, $6,075; 2017, $13,900; and 2018, $28,000. work th nce Your answer is partially correct. Try again. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. 2016 2017 2018 Allocation to preferred stock 5975 7175 7175 Allocation to common stock 0 7225 20325 LINK TO TEXT VIDEO: SIMILAR EXERCISE NEXT PRINTER VERSION BACK Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 8% and cumulative. 2016 2017 2018 Allocation to preferred stock 5975 1247 9225 x Allocation to common stock 1935 18275 $1 LINK TO TEXT VIDEO: SIMILAR EXERCISE Your answer is partially correct. Try again. Journalize the declaration of the cash dividend at December 31, 2018, 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.) Account Titles and Explanation Debit Credit Date Dec. 31 retained 27500 div 27500 18