Sunland Corporation issued 104,000 shares of $19 par value, cumulative, 9% preferred stock on January 1, 2019, for $2,590,000. In December 2021, Sunland declared its first dividend of $770,000. Prepare Sunland'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.) Account Titles and Explanation Debit Credit If the preferred stock is not cumulative, how much of the $770,000 would be paid to common stockholders? Common Stock Dividendst If the preferred stock is cumulative, how much of the $770,000 would be paid to common stockholders? Common Stock Dividends Question Attempts: 0 of 5 used