Pina Colada Corporation issued $119,000$ shares of $$20$ par value, cumulative, $7\%$ preferred stock on January $1,2021,$ for $$2,610,000.$ In December $2023,$ Pina Colada declared its first dividend of $$780,000.$

$($a$)$

Prepare Pina Colada'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

Debit

Credit

$$

$$

$$

$$

$$

$$

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