Question 1 Timber Ridge Corporation was organized on January 1, 2015. 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: 2015 $8,000 2016 $30,000 2017 $70,000 Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 596 and not cumulative Preferred Common Total 2015 2016 2017 SHOW LIST OF ACCOUNTS LINK TO TEXT Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and cumulative Preferred Common Total 2015 2016 2017 SHOW LIST OF ACCOUNTS LINK TO TEXT