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5. Fedco Corporation was organized on January 1, 2020. During its first year, the corporation...

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5. Fedco Corporation was organized on January 1, 2020. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 100,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2020, $6,000, 2021, $13,000, and 2022 $29,000. Instructions: REQUIRED (12 points) Prepare a well-labeled schedule showing the allocation of dividends to each class of stock for each year, assuming the preferred stock dividend is 8% and cumulative. Write your final answers in the spaces provided below. Show your calculations. Dividends Paid To Preferred Stock Common Stock Year 2020 2021 2022

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