Concord Corporation issued 113,000 shares of $19 par value, cumulative, 7% preferred stock on January 1,2021, for $2,630,000. In December 2023, Concord declared its first dividend of $720,000. Prepare Concord's jourmil entry to record the issuance of the preferred stock. (Credit account tities are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount tities and enter 0 for the amounts.) If the preferred stock is not cumulative, how much of the $720,000 would be paid to common stockholders