LO 4-6 - 4-7 Identify the major inflows and outflows of cash. 249,600 9. Hodge Corporation issued 102,000 shares of $19 par value, cumulative, 6% preferred stock on January 1, 2016, for $2,550,000. In December 2018, Hodge declared its first dividends of $800,000. Prepare Hodge's journal entry to record the issuance of the preferred stock. Debit Credit Account Title & Explanation Cash Preferred Stock Paid in Capital