Metlock Corporation issued 108,000 shares of $18 par value, cumulative, 9% preferred stock on January 1,2018 , for $2,530,000. In December 2020 , Metlock declared its first dividend of $840,000. Prepare Metlock's journal entry to record the issuance of the preferred stock. (Credit account titles are automatically 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 not cumulative, how much of the $840,000 would be paid to common stockholders? Common Stock Dividends eTextbook and Media List of Accounts If the preferred stock is cumulative, how much of the $840,000 would be paid to common stockholders? Common Stock Dividends