Waterway Industries was organized on January 1, 2024, During its first year, the corporation issued 2,400...

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Waterway Industries was organized on January 1, 2024, During its first year, the corporation issued 2,400 shares of $50 par value preferred stock and 150,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2024, $5,800: 2025, $13,100; and 2026, $28,800. (a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 5% and noncumulative. 2024 2025 $ Total dividend Allocation to preferred stock Remainder to common stock $ $ 2026 Waterway Industries was organized on January 1, 2024, During its first year, the corporation issued 2,400 shares of $50 par value preferred stock and 150,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2024, $5,800: 2025, $13,100; and 2026, $28,800. (a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 5% and noncumulative. 2024 2025 $ Total dividend Allocation to preferred stock Remainder to common stock $ $ 2026