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Prepare Monty'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 $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit

Cash

Preferred Stock

Paid$-$in Capital in Excess of Par$-$Preferred Stock

eTextbook and Media

List of Accounts

Attempts: $1$ of $3$ used

$($b$)$

If the preferred stock is not cumulative, how much of the $$840,000$ would be paid to common stockholders?

Common Stock Dividends

eTextbook and Media

List of Accounts

Save for L$$ter

Attempts: $0$ of $3$ used

$($c$)$