Case #1 Kincaid Co. reported the following stockholders equity on its balance sheet at June 30, 2016. Stockholders' Equity Preferred Stock- 5%, $? Par value, 650,000 shares Authorized, 280,000 shares issued and outstanding Common Stock-$1 par value, 5,000,000 shares authorized, 1,350,000 shares issued and outstanding Paid-in Capital in Excess of Par-Common Total Paid-in Capital Retained Earnings Total Stockholders' Equity 1,400,000 1,350,000 2.400,000 5,150,000 12.300,000 17.450,000 Requirements: 1. Identify the different classes of stock that Kincaid has outstanding. 2. What is the par value per share of Kincaid's preferred stock? Explain. 3. Make two summary general journal entries (one for common; one for preferred) to record issuance of all the Kincaid stock for cash. Explanations are required. 4. No preferred dividends are in arrears. Journalize the declaration of a $600,000 dividend at June 30, 2018, and the payment of the dividends of July 20, 2018. Use separate Dividends Pavable accounts for preferred and common stock. Explanations are required