Question: Please answer question #8, SHOWING ALL WORK ACCORDINGLY. Thank you! Novak Corp. was organized on January 1, 2021. During its first year the corporation issued

Please answer question #8, SHOWING ALL WORK ACCORDINGLY. Thank you!

Novak Corp. was organized on January 1, 2021. During its first year the corporation issued 2,100 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, $4,000, 2022, $13,500; and 2023, $29,000. (a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 5% and noncumulative. (Do not leave any answer field blank. Enter for amounts.) 2021 2022 2023 Total dividend $ Allocation to preferred stock Remainder to common stock $ $

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