Exercise 11-05 a-c (Part Level Submission) Cullumber Corporation issued 100,000 shares of $18 par value, cumulative, 6% preferred stock on January 1, 2019, for $2,500,000. In December 2021, Cullumber declared its first dividend of $700,000. (a) Your answer is correct. Prepare Cullumber'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 o for the amounts.) Account Titles and Explanation Debit Credit Cash 2500000 Preferred Stock 1800000 Paid-in Capital in Excess of Par-Preferred Stock 700000 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT Attempts: 1 of 2 used (b) If the preferred stock is not cumulative, how much of the $700,000 would be paid to common stockholders? Common Stock Dividends $ Attempts: 0 of 2 used