View Policies Current Attempt In Progress Sandhill Corporation was organized on January 1, 2021. During its first year, the corporation issued 1,900 shares of $50 par value preferred stock and 105,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021. $5,300: 2022. $13,900; and 2023. $27,000. (a) Show the allocation of dividends to each class of stock assuming the preferred stock dividend is 7% and noncumulative. 2021 2022 2023 $ $ Allocation to preferred stock Allocation to common Stock $ $ $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit Answer (b) Show the allocation of dividends to each class of stock assuming the preferred stock dividend is 8% and cumulative. 2021 2022 2023 Allocation to preferred stock $ $ $ Allocation to common stock $ $ $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit Answer (c) Journalize the declaration of the cash dividend at December 31, 2023. under 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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 eTextbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit