Kingbird Corporation issued 103,000 shares of $20 par value, cumulative, 9% preferred stock on January 1, 2019, for $2,590,000. In December 2021, Kingbird declared its first dividend of $720,000.Prepare Kingbirds journal entry to record the issuance of the preferred stock.

b.If the preferred stock is not cumulative, how much of the $720,000 would be paid to common stockholders? c.If the preferred stock is cumulative, how much of the $720,000 would be paid to common stockholders?