The following elements of stockholders' equity are from the balance sheet of Sanderson Marketing Corp. at December 31, 2015 (Click on the icon to view the data.) Sanderson paid no preferred dividends in 2015 Requirements 1. Compute the dividends to the preferred and common shareholders for 2016 if total dividends are $175,000 and assuming the preferred stock is noncumulative. 2. Record the journal entries for 2016 assuming that Sanderson Marketing Corp. declared the dividends on July 1 for stockholders of record on July 15. Sanderson paid the dividends on July 31 Requirement 1. Compute the dividends to the preferred and common shareholders for 2016 if total dividends are $175,000 and assuming the preferred stock is noncumulative. (Complete all input boxes. Enter "O for any zero amounts.) Sanderson's 2016 dividend would be divided between preferred and common stockholders in this manner: Total Dividend -2016 Dividend to preferred stockholders: Dividend in arrears Current year dividend Total dividend to preferred stockholders Dividend to common stockholders