Timber Ridge Corporation was organized on January 1, 2018. 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: 2018 $8,000 2019 $30,000 2020 $70,000 Collapse question part (a) This grade has been saved to Gradebook. Your answer has been saved and sent for grading. See Gradebook for score details. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 5% and not cumulative. Preferred Common Total 2018 $ 8000 $ 0 $ 8000 2019 10000 20000 30000 2020 10000 60000 70000 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT Attempts: 1 of 1 used Collapse question part (b) This grade has been saved to Gradebook. Your answer has been saved and sent for grading. See Gradebook for score details. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and cumulative. Preferred Common Total 2018 $ 80000 $ 0 $ 80000 2019 16000 14000 30000 2020 12000 58000 70000 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT Attempts: 1 of 1 used Collapse question part (c) Journalize the declaration of the cash dividend at December 31, 2020 using the assumption of part (b). (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit