Sleep Corporation was organized on January 1, 2020. During its first year, the corporation issued 40,000 shares of $5 par value preferred stock and 400,000 shares of $1 par value common stock. At December 31, the company declared the following cash dividends: 2020 $6,000 2021 $30,000 2022 $60,000 2

Show the allocation of dividends to each of stock ,assuming the preffered stock dividend is 4% and not cumulative

Sleep Corporation was organized on January 1, 2020. During its first year, the corporation issued 40,000 shares of $5 par value preferred stock and 400,000 shares of $1 par value common stock. At December 31 , the company declared the following cash dividends: 202020212022$6,000$30,000$60,000 \begin{tabular}{ll} & Preferred Common \\ 2020 & $ \\ 2021 & $ \\ 2022 & Total \\ \hline \end{tabular} Account Titles and Explanation Debit Credit