Monty Corporation issued $112,000$ shares of $$20$ par value, cumulative, $8\%$ preferred stock on January $1,2021,$ for $$2,700,000.$ In

December $2023,$ Monty declared its first dividend of $$840,000.$

$($a$)$

Your answer is correct.

Prepare Monty'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.$)$

Account Titles and Explanation

Preferred Stock

Paid$-$in Capital in Excess of Par$-$Preferred Stock

eTextbook and Media

eTextbook $1$

eTextbook $2$

List of Accounts

Attempts: $1$ of $3$ used

$($b$)$

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