Wildhorse Corporation issued 106,000 shares of $20 par value, cumulative, 9% preferred stock on January 1, 2019, for $2,570,000. In December 2021, Wildhorse declared its first dividend of $780,000.

Prepare Wildhorses 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

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If the preferred stock is not cumulative, how much of the $780,000 would be paid to common stockholders?

Common Stock Dividends

$

SHOW LIST OF ACCOUNTS

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If the preferred stock is cumulative, how much of the $780,000 would be paid to common stockholders?

Common Stock Dividends

$

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