Comfort​ Specialists, Inc. reported the following​ stockholders' equity on its balance sheet at June​ 30, 2024​: Data Table Stockholders' Equity Paid-In Capital:   Preferred Stock—7%, ? Par Value; 750,000 shares authorized, 400,000 shares issued and outstanding $1,600,000 Common Stock—$1 Par Value; 9,000,000 shares authorized, 1,300,000 shares issued and outstanding 1,300,000 Paid-In Capital in Excess of Par—Common 2,500,000 Total Paid-In Capital 5,400,000 Retained Earnings 12,500,000 Total Stockholders' Equity $17,900,000 1. Identify the different classes of stock that Thurman Comfort Specialists has outstanding. 2. What is the par value per share of Thurman Comfort​ Specialists' preferred​ stock? 3. Make two summary journal entries to record issuance of all the Thurman Comfort​ Specialists' stock for cash. Explanations are not required. 4. No preferred dividends are in arrears. Journalize the declaration of a $700,000 dividend at June​ 30, 2024​, and the payment of the dividend on July​ 20, 2024. Use separate Dividends Payable accounts for preferred and common stock. An explanation is not required.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Comfort​ Specialists, Inc. reported the following​ stockholders' equity on its balance sheet at June​ 30,

2024​:
Data Table
Stockholders' Equity
Paid-In Capital:
 
Preferred Stock—7%, ? Par Value; 750,000 shares authorized, 400,000 shares issued and outstanding
$1,600,000
Common Stock—$1 Par Value; 9,000,000 shares authorized, 1,300,000 shares issued and outstanding
1,300,000
Paid-In Capital in Excess of Par—Common
2,500,000
Total Paid-In Capital
5,400,000
Retained Earnings
12,500,000
Total Stockholders' Equity
$17,900,000
1.
Identify the different classes of stock that
Thurman
Comfort Specialists has outstanding.
2.
What is the par value per share of
Thurman
Comfort​ Specialists' preferred​ stock?
3.
Make two summary journal entries to record issuance of all the
Thurman
Comfort​ Specialists' stock for cash. Explanations are not required.
4.
No preferred dividends are in arrears. Journalize the declaration of a
$700,000
dividend at June​ 30,
2024​,
and the payment of the dividend on July​ 20,
2024.
Use separate Dividends Payable accounts for preferred and common stock. An explanation is not required.
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