Niley-Cook Corporation issued 200,000 shares of $20 par value, 6% preferred stock on January 1, 2018, for $4,500,000. In December 2020, Niley-Cook declared its first dividend of $800,000. Your answer is partially correct. Try again. Prepare Niley-Cook's journal entry to record the issuance of the preferred stock. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Cash 4500000 Preferred Stock 4000000 Paid-in Capital in Excess of Par-Preferred Stock 600000