Question: please explain the answer *Exercise 14-02 a-c Cullumber Corporation was organized on January 1, 2019. During its first year, the corporation issued 1,900 shares of

please explain the answer

please explain the answer *Exercise 14-02 a-c Cullumber Corporation was organized on

*Exercise 14-02 a-c Cullumber Corporation was organized on January 1, 2019. During its first year, the corporation issued 1,900 shares of $50 par value preferred stock and 104,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2019, $5,850; 2020, $13,500; and 2021, $29,000. Your answer is partially correct. Try again. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. 2019 2020 2021 Allocation to preferred stock $158 $16650 Allocation to common stock to. 7750 Your answer is partially correct. Try again. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 9% and cumulative. 2019 2020 2021 Allocation to preferred stock T8550 8550 $18550 Allocation to common stock 2700 4950 520450 Your answer is partially correct. Try again. 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 o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Cash Dividends 483500 Dividends Payable 51183500 483500

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