Section B)

Section C)

Account listing Assistance

Accumulated Depreciation

Cash

Cash Dividends

Common Stock

Common Stock Dividends Distributable

Dividends Payable

Income Summary

Income Tax Expense

Income Taxes Payable

Interest Expense

Interest Payable

No Entry

Operating Expenses

Paid-in Capital in Excess of Par-Common Stock

Paid-in Capital in Excess of Par-Preferred Stock

Paid-in Capital in Excess of Stated Value-Common Stock

Preferred Stock

Retained Earnings

Sales Revenue

Stock Dividends

Treasurv Stock

Cullumber Corporation was organized on January 1, 2021. During its first year, the corporation issued 2,050 shares of $50 par value preferred stock and 106,000 shares of $10 par value common stock. At December 31 , the company declared the following cash dividends: 2021,$4,600;2022,514,400; and 2023,$26,500 (a) Show the allocation of dividends to each class of stock. assuming the preferred stock dividend is 6% and noncumulative. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 989 and cumulative. 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)