Oriole Corporation issued 108,000 shares of $20 par value, cumulative, 7% preferred stock on January 1, 2019, for 52.540,000. In December 2021. Oriole declared its first dividend of S700,000. X Your answer is incorrect Prepare Oriole'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 Ofor the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts * Your answer is incorrect If the preferred stock is not cumulative,how much of the $700,000 would be paid to common stockholders? Common Stock Dividends S 700,000 e Textbook and Media List of Accounts X Your answer is incorrect If the preferred stock is cumulative,how much of the S700,000 would be paid to common stockholders? Common Stock Dividends S