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 (a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 5% and not cumulative. Preferred 2018 $ 2019 2020 $ Common Total