Timber Ridge Corporation was organized on January 1, 2015. 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: 2015 - $ 8,000; 2016- $30,000; 2017-$70,000 Instructions (a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and cumulative. (b) Journalize the declaration of the cash dividend at December 31, 2017.