Sheffield Corporation issued 110,000 shares of $18 par value, cumulative, 8% preferred stock on January 1, 2021, for $2,540,000. In December 2023, Sheffield declared its first dividend of $750,000. (a) Prepare Sheffield'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 for the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Save for Later Attempts: unlimited Submit