If the preferred stock is not cumulative, how much of the $840,000 would be paid to common stockholders? Common Stock Dividends s Pharoah Corporation issued 117,000 shares of $19 par value, cumulative, 7% preferred stock on January 1,2021, for $2,530,000, In December 2023, Pharoah declared its first dividend of $840,000. Your answer is correct. Prepare Pharoah's journal entry to record the issuance of the preferred stock. (Credit account titles are outomatically 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.) If the preferred stock is cumulative, how much of the $840,000 would be paid to common stockholders? Common Stock Dividends $