Karen-Cook Corporation issued 290,000 shares of $20 par value, 6% preferred stock on January 1, 2018,...

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Karen-Cook Corporation issued 290,000 shares of $20 par value, 6% preferred stock on January 1, 2018, for $6,525,000. In December 2020, Karen-Cook declared its first dividend of $870,000. (a) Prepare Karen-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 (b1) How much is the company's total paid-in capital after the issuance? Total Paid-in Capital $ (b2) If the preferred stock had been no-par stock, how much would the company's total paid-in capital be after the issuance? Total Paid-in Capital $ Karen-Cook Corporation issued 290,000 shares of $20 par value, 6% preferred stock on January 1, 2018, for $6,525,000. In December 2020, Karen-Cook declared its first dividend of $870,000. (a) Prepare Karen-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 (b1) How much is the company's total paid-in capital after the issuance? Total Paid-in Capital $ (b2) If the preferred stock had been no-par stock, how much would the company's total paid-in capital be after the issuance? Total Paid-in Capital $