QUESTION 3 1. Microsoft Corporation was organized on January 1 2018. During its first year, the corporation issued 50,000 shares of $10 par value preferred stock and 400,000 shares of $1 par value common stock. At December 31, the company declared the following cash dividends: 2018 2019 2020 2021 2022 $ 5,000 $10,000 $35,000 $55,000 $60,000 (a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 4% and not cumulative 2018 2019 2020 2021 2022 Total Dividends Preferred Stock Common Stock (b) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 5% and cumulative 2018 2019 2020 2021 2022 Total Dividends Preferred Stock Common Stock