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Hodge Corporation issued 100,000 shares of $20 par value, cumulative, 6% preferred stock on January...

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Accounting

Hodge Corporation issued 100,000 shares of $20 par value, cumulative, 6% preferred stock on January 1,2013, for $2,300,000. In December 2015, Hodge declared its first dividend of $500,000. Instructions: (1) Prepare Hodge's journal entry to record the issuance of the preferred stock. (b) If the preferred stock is NOT cumulative, how much of the $500,000 would be paid to COMMON stockholders? (c) If the preffered stock is cumulative, how much of the $500,000 would be paid to COMMON Stockholders?

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