Sheridan Corporation was organized on January 1, 2021. During its first year, the corporation issued 2,000 shares of $50 par valus preferred stock and 105,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $4,500; 2022, $13,500; and 2023, $27,500. Your answer is correct Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative Allocation to preferred stock Allocation to common stock 2021 4500 $ 2022 7000 S 2023 2000 S 6500 S 20800 (b) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 8% and cumulative. Allocation to preferred stock Allocation to common stock 2021 2022 2023