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Please answer question #8 part b, SHOWING ALL WORK ACCORDINGLY ON ALL PARTS. Thank you!...

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Accounting

Please answer question #8 part b, SHOWING ALL WORK ACCORDINGLY ON ALL PARTS. Thank you!
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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) Your answer has been saved. See score details after the due date. 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 Ofor amounts.) 2021 2022 2023 4,000 Total dividend $ 13.500 $ 29,000 Allocation to preferred stock 4.000 5.250 5.250 $ $ Remainder to common stock 0 $ 8,250 $ 23.750 (b) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and cumulative. (Do not leave any answer field blank. Enter Ofor amounts.) 2021 2022 2023 Total dividend $ $ Allocation to preferred stock S Remainder to common stock $ $

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