E15-13 (similar to) Data Table Umbrella Roofing and Siding, Inc. reported the following shareholders' equity section as of the beginning of the cur E: (Click the icon to view the data) (Click the icon to view the additional information.) Read the requirements Requirement a. Prepare the journal entry required to record the preferred stock issue. (Record debits first, then cre $ 3,040,000 20,120,000 Account Additional Paid-in Capital from Treasury Stock Transactions Preferred Stock - Par Stockholders' Equity Contributed Capital: Common Stock, $4 par value, 2,395,000 authorized and 760,000 shares issued, and 704,000 shares outstanding Additional Paid-in Capital in Excess of Par - Common Total Contributed Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Current Year 8,105,000 4.998,000 3,107,000 Additional Paid-in Capital in Excess of Par - Preferred $ 23,160,000 7,680,000 907,000 (1,456,000) Less: Treasury Stock (56,000 common shares at cost) $ 30,291,000 Total Stockholders' Equity More Info Print Done Umbrella also issued 833,000 shares of its $6 par value preferred stock. There is a 5% dividend rate on the preferred shares that Umbrella issued at $10 per share. The company paid $225,000 in underwriting fees to issue the shares. It reported $2,635,000 in net income for the year and declared and paid dividends of $1.60 per share on its common shares and 5% of par for the preferred shares. The company has 1,000,000 shares authorized for preferred stock Print Done