Hodge Corporation issued113,000shares of $19par value, cumulative,7% preferred stock on January 1, 2016, for $2,630,000. In December 2018, Hodge declared its first dividend of $720,000.

Prepare Hodges 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.)