Exercise 11-5 Sheffield Corporation issued 110,000 shares of $18 par value, cumulative, 8% preferred stock on January 1, 2018, for $2,540,000. In December 2020, Sheffield declared its first dividend of $750,000. Prepare Sheffield'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 0 for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK OXT If the preferred stock is not cumulative, how much of the $750,000 would be paid to common stockholders? Common Stock Dividends $ SHOW LIST OF ACCOUNTS TNK T0 TFXT 1 TNKT X