Sheridan Company was organized on January 1, 2021. During its first year, the corporation issued...
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Sheridan Company was organized on January 1, 2021. During its first year, the corporation issued 1,700 shares of $50 par value preferred stock and 105,000 shares of \$10 par value common stock. At December 31, the company declared the following cash dividends: 2021,$4,900;2022,$12,700; and 2023,$27,300 (a) Your answer is correct. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and noncumulative. (Do not leave any answer field blank. Enter 0 for amounts.) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and cumulative. (Do not leave any answer field blank. Enter 0 for amounts.)
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