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 5% and not cumulative (b) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and cumulative (c) Journalize the declaration of the cash dividend at December 31, 2017 using the assumption of part (b)