Swifty Corporation issued 116,000 shares of $20 par value, cumulative, 6% preferred stock on January 1, 2021, for $2,610,000. In December 2023, Swifty declared its first dividend of $720,000. (a) Your answer is correct. Prepare Swifty'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 Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Debit 2610000 Credit 2320000 290000