Sheridan Corporation was organized on January 1, 2021. During its first year, the corporation issued 2,000 shares of $50 p preferred stock and 105,000 shares of $10 par value common stock. At December 31, the company declared the following dividends: 2021, $4,500; 2022, $13,500; and 2023, $27,500. (a) 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 19 S 2022 $ 2023

Sheridan Corporation was organized on January 1, 2021. During its first year, the corporation issued 2,000 shares of $50 preferred stock and 105,000 shares of $10 par value common stock. At December 31 , the company declared the following dividends: 2021, \$4,500, 2022,\$13,500; and 2023, $27,500. (a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative