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.)

Account Titles and Explanation	Debit	Credit

If the preferred stock isnotcumulative, how much of the $720,000would be paid tocommonstockholders?

Common Stock Dividends

$

If the preferred stock is cumulative, how much of the $720,000would be paid tocommonstockholders?

Common Stock Dividends

$