Sandhill Corporation was organized on January 1, 2021. During its first year, the corporation issued 2,100 shares of $50 par value preferred stock and 110,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $6,000; 2022, $14,000; and 2023, $27,500. (a) Your answer is partially correct. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and noncumulative. Allocation to preferred stock Allocation to common stock CA +A 2021 5000 0 LA +A 2022 11800 $ 1700 CA 2023 8400 +A $ 18600 (b) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 9% and cumulative. Allocation to preferred stock $ Allocation to common stock $ eTextbook and Media 2021 $ $ 2022 $ 2023 Journalize the declaration of the cash dividend at December 31, 2023, under part (b). (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31 Toythook and Media Debit Credit