Adham Corporation was organized on January 1, 2019. During its first year, the corporation issued 40,000 shares of $50 par value preferred stock and 200,000 shares of $5 par value

Adham Corporation was organized on January 1, 2019. During its first year, the corporation issued 40,000 shares of $50 par value preferred stock and 200,000 shares of $5 par value common stock. At December 31, the company declared the following cash dividends: December        2017                $80,000 December        2018                195,000 December        2019                300,000 Required: Show the allocation of dividends to each class of stock, assuming that the preferred stock is 9% and not cumulative . Show the allocation of dividends to each class of stock, assuming that the preferred stock is 10% and cumulative.

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