Hodge Corporation issued 113,000 shares of $19 par value, cumulative, 7% preferred stock on January 1, 2016, for $2,630,000. In December 2018, Hodge declared its first dividend of $720,000.
Prepare Hodge'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.)