Wildhorse Corporation was organized on January 1, 2019. During its first year, the corporation issued 2.000 shares of 550 par vale preferred stock and 108,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2019.55,300 2020, 513,700; and 2021. $27.000. Your answer is correct Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and noncumulative 2019 2020 2021 $ 5300 $ 6000 $ Allocation to preferred stock Allocation to common stock 6000 $ 0 $ 7700 5 21000 Solution List of Accounts Your answer is partially correct. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 8% and cumulative. 2019 2020 2021 $ 5300 Allocation to preferred stock Allocation to common stock Solution List of Accounts Your answer is correct Journalize the declaration of the cash dividend at December 31, 2021, 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 Cash Dividends 27000 Dividends Payable 27000 List of Accounts