Sheridan Corporation was organized on January 1.2021. During its first year, the corporation issued 2,000 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,\$4,500; 2022,\$13,500; and 2023, \$27,500, (a) Your answer is correct: Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 8% and cumulative. (c) Journalize the declaration of the cash dividerid at December 31,2023, under part (b). (Credit account titles are automatically 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 of for the amounts.)