IV. Exercise Prepare the following journal entries. (15 points) Niley-Cook Corporation issued 200,000 shares of $20 par value, 6% preferred stock on January 1, 2018, for $4,500,000. In December 2020, Niley-Cook declared its first dividend of $800,000 Instructions (a) Prepare Niley-Cook's journal entry to record the issuance of the preferred stock. (b)If the preferred stock is not cumulative, how much of the $800,000 would be paid to common stockholders? (c) If the preferred stock is cumulative, how much of the $800,000 would be paid to common stockholders