Question 1: (5 Marks) MM Corporation was organized on January 1, 2009. During its first year, the corporation issued 40,000 shares of $5 par value preferred stock and 400,000 shares of $1 par value common stock. At December 31, the company declared the following cash dividends: 2009 $ 8,000 2010 $30,000 2011 $70,000 Required: (a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 5% and not cumulative. (b) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and cumulative