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) Your answer is correct 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 o for the amounts.) unt Titles and Explanation Debit Credit 2540000 eterred Stock 1980000 sid-in Capital in excess of Par Preferred St 560000 e Textbook and Media List of Accounts Attempts: unlimited (1) Your answer is incorrect if the preferred stock is not cumulative, how much of the $750.000 would be paid to common stockholders Common Stock Dividends Textbook and Media of Accounts Save for later Attempt unlimited