Melissa-Cook Corporation issued 260,000 shares of $20 par value, 7% preferred stock on January 1, 2018, for $5,850,000. In December 2020, Melissa-Cook declared its first dividend of $820,000. (a) Your answer is correct. Prepare Melissa-Cook's journal entry to record the issuance of the preferred stock. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Debit 5850000 Credit 5200000 650000