Sandhill Corporation was organized on January 1, 2019. During its first year, the corporation issued1,900shares of $50par value preferred stock and109,000shares of $10par value common stock. At December 31, the company declared the following cash dividends: 2019, $5,950; 2020, $13,800; and 2021, $28,000.

(a)

Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is7% and noncumulative.

2019

2020

2021

Allocation to preferred stock$

$

$

Allocation to common stock$

$

$