Concord Corporation issued 113,000 shares of $19 par value, cumulative, 7% preferred stock on January 1, 2019, for $2,630,000. In December 2021. Concord declared its first dividend of $720,000 - Your answer is partially correct. Prepare Concord's journal entry to record the issuance of the preferred stock. (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 for the amounts.) Account Titles and Explanation Debit Credit Cash 2.630.000 Preferred Stock 2147000 Paldin Capitalin Excess of Par-Preferred Stock * Your answer is incorrect. If the preferred stock is not cumulative how much of the $720,000 would be paid to common stockholders? Common Stock Dividends $ List of Accounts X Your answer is incorrect. If the preferred stock is cumulative, how much of the $720,000 would be paid to common stockholders? Common Stock Dividends $