Sheffield Corp. was organized on January 1, 2021. During its first year, the corporation issued 2,500 shares of $50 par value preferred stock and 150,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $5,500; 2022, $12,300; and 2023, $27,200. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and cumulative. (Do not leave any answer field blank. Enter o for amounts.) 2021 2022 2023 Total dividend Allocation to preferred stock Remainder to common stock $ 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 Debit Credit Dec. 31 Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 5% and noncumulative. (Do not leave any answer field blank. Enter o for amounts.) 2021 2022 2023 Total dividend 5,500 12,300 27,200 Allocation to preferred stock 5,500 6,250 6,250 Remainder to common stock 0 6,050 20,950 $ $