Prepare the Jounal entry to record the issuance of the preferred stock.

Maria-Cook Corporation issued 290,000 shares of $20 par value, 5% preferred stock on january 1,2018 , for $6,525,000, In December 2020, Maria Cook declared its first dividerid of $880,000. (a) Prepare Maria-Cooks journal entry to recond the issuance of the preferred stock (Lat ail debit entries before credit entrien Credit account titles are cutometicaliy indented when the amount is entered. Donot indent manuillyd List of Accounts Assistance Used Accounts Payable Accounts Receivable Accumulated Degreciation-Equigment Allowance for Doubtful Accounts Bad Debus Expense Cash Commen Stock Depreciation Euydise Eavicamente Gain on Sale ef 5 tock: Question 4 of 20 Income Tax Expense Income Tax Payable Insurance Expense Interest Expense Interest Payable Inventory Land Loss on Disposal of Plant Assets No Entry Notes Payable Organization Expense Paid in Capitat in Exoess of Par - Comenon Stock Paid-in Capital in Excess of Par.Preferred Stock Paid-in Capital in Excess of Stated Value Common Stock Ratents Preferred Stock Prepaid Expenses Prepaid insurance Retained Eamings Salarints and Wases Gipense Salaries and Wagess Pwable Service Refentivet Stare Eapital Gridinary Share Capital Ordinary Share Copital-Preference Share Premium-Ordinary Share Premium-Preference Supplies Supplies Experse Treasury Stock Unearned Service Revenue Utilities Expense