Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and cumulative. Total dividend Allocation to preferred stock 2024 $ Remainder to common stock $ 2025 2026 Waterway Industries was organized on January 1, 2024. During its first year, the corporation issued 2,400 shares of $50 par value preferred stock and 150,000 shares of $10 par-value common stock. At December 31, the company declared the following cash dividends: 2024, $5,800; 2025, $13,100; and 2026, $28,800.