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Cheyenne Corporation issued 1 0 3 , 0 0 0 shares of $ 2 0 par value, cumulative, 8 % preferred stock on January 1

Cheyenne Corporation issued 103,000 shares of $20 par value, cumulative, 8% preferred stock on January 1,2021, $2,590,000. In December 2023, Cheyenne declared its first dividend of $720,000.
Prepare Cheyenne\'s journal entry to record the issuance of the preferred stock.

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