Sheridan Corporation was organized on January 1, 2019. During its first year, the corporation issued 1,950 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: 2019, 56,325, 2020, $13,900; and 2021, $28,500. Your answer is partially correct. Try again Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. 2019 2020 2021 Allocation to preferred stock 6325 11225 8775 Allocation to common stock 2675 19725