Sheridan Company was organized on January 1, 2021. During its first year, the corporation issued 1,700 shares of $50 par value preferred stock and 105,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $4,900; 2022, $12,700; and 2023, $27,300.

Current Attempt in Progress Sheridan Company was organized on January 1, 2021. During its first year, the corporation issued 1,700 shares of $50 par value preferred stock and 105,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $4,900; 2022, $12,700; and 2023, $27,300. Your answer is partially correct. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and cumulative. (Do not leave any answer field blank. Enter O for amounts.) 2021 2022 2023 Total dividend 4900 12700 27300 Allocation to preferred stock 4900 6300 5950 Remainder to common stock $ 6400 21350