Mai Corporation was organized on January 1, 2016, Duringits first year, the corporation issued 40,000 shares of $50 par value preferred stock and 300,000 shares of $10 par value common stock. At...

Mai Corporation was organized on January 1, 2016, Duringits first year, the corporation issued 40,000 shares of $50 par value preferred stock and 300,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends:

December​2016 ​​$90,000

December​2017 ​​130,000

December​2018 ​​190,000

Required:

  1.  Show the allocation of dividends to each class of stock, assuming that the

        preferred stock is 8% and not cumulative.

  2.   Show the allocation of dividends to each class of stock, assuming that the

        preferred stock is 9% and cumulative