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Mary-Cook Corporation issued 260,000 shares of $20 par value, 5% preferred stock on January 1,2018,...

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Question

Accounting

Mary-Cook Corporation issued 260,000 shares of $20 par value, 5% preferred stock on January 1,2018, for $5,850,000. In December 2020, Mary-Cook declared its first dividend of $820,000.
(a)
Prepare Mary-Cook's journal entry to record the issuance of the preferred stock. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
image

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