Question - Knudsen Corporation was organized on January 1, 2013. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 100,500 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2013, $6,000; 2014, $13,700; and 2015, $27,300.
Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and noncumulative.