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Marigold Corporation issued 117,000 shares of $20 par value, cumulative, 7% preferred stock on January 1, 2019, for $2,690,000. In December 2021, Marigold declared its first dividend of $740,000.

(a)

Prepare Marigolds 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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit