Kk.118. (b)Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 8% and cumulative.Allocation to preferred stock iAllocation to common stockeTextbook and MediaList of AccountsSave for Later$$2021$$2022$2023Attempts: 0 of 3 used Submit Answer Sunland Corporation was organized on January 1, 2021. During its first year, the corporation issued 1,900 shares of $50 par valuepreferred stock and 108,000 shares of $10 par value common stock. At December 31, the company declared the following cashdividends: 2021, $5,200; 2022, $14,200; and 2023, $27,000.

Cumulative preferred stock allows shareholders to accumulate and claim any unpaid dividends from…

Sunland Corporation was organized on January 1, 2021. During its first year, the corporation issued 1,900 shares of $50 par value preferred stock and 108,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $5,200, 2022. $14,200; and 2023, $27,000.