Richman Corporation was organized on January 1, 2018. During its first year, the corporation issued 50,000 preference shares with a $4 par value and 400,000 ordinary shares with a $1 par value. At December 31, the company declared the following cash dividends: 2018 $ 9,000 : 2019 $ 40,000 2020 $ 80,000 Instructions (a) Show the allocation of dividends to each class of shares, assuming the preference shares dividend is 10% and cumulative. Preference Ordinary Total (b) Journalize the declaration of the cash dividend at December 31, 2020 using the assumption of part (a)