Whispering Winds Corp. was organized on January 1, 2021. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 110,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $5,300; 2022, $12,400; and 2023, $29,800.

Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 8% and cumulative. Joumalize the deciaration of the cash dividend at December 31, 2021, under part (b). (Credit acceunt titles are automatically indented when ameunt is entered. Do ne entry is required, select "No Entry" for the acceunt tities and enter o for the amounts.)