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Vaughn Manufacturing was organized on January 1, 2021. During its first year, the corporation issued 2,400 shares of $50 par value preferred stock and 125,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $5,900; 2022, $12,000; and 2023, $27,500. V Your answer is correct. 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 0 for amounts.) 2021 2022 2023 Total dividend 12,000 5,900 27,500 Allocation to preferred stock 7,200 5,900 8,500 $ Remainder to common stock 3,500 20,300 eTextbook and Media List of Accounts %24 %24 %24 %24 %24 Your answer is partially correct. Journalize the declaration of the cash dividend at December 31, 2023, under part (b). (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Date retained earnings Dec. 31 27,500 Dividends Payable 27,500
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