Classic Outdoor Furniture Company included the following stockholders' equity on its year-end balance sheet at March 31, 2022: 5 (Click the icon to view the partial balance sheet.) Read the requirements 6. Requirement 1. Identify the different issues of stock that Classic Outdoor Furniture Company has outstanding. (If an input field is not used in the table, leave the field empty; do not make a selection.) Issue of stock Requirement 2. Give the summary entries to record issuance of all the Classic stock. Assume that all the stock was issued for cash. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Record issuance of the Class A Preferred Stock. Record issuance of the Class B Preferred Stock. Record issuance of the Common Stock. Requirement 3. Suppose Classic passed its preferred dividends for three years. Would the company have to pay those dividends in arrears before paying dividends to the common stockholders? Give your reason. Classic Outdoor Furniture Company (17) have to pay preferred dividends in arrears before paying dividends to the common stockholders because the preferred stock is (18). Requirement 4. What amount of preferred dividends must Classic declare and pay each year to avoid having preferred dividends in arrears? Classic must declare and pay dividends of each year to avoid having preferred dividends in arrears. Requirement 5. Assume that preferred dividends are in arrears for the year ended March 31,2021 . Journalize the declaration of an $880,000 dividend on March 31, 2022. An explanation is not required. (Record debits first, then credits. Exclude explanations from any journal entries.) 1. Identify the different issues of stock that Classic Outdoor Furniture Company has outstanding. 2. Give the summary entries to record issuance of all the Classic stock. Assume that all the stock was issued for cash. Explanations are not required. 3. Suppose Classic passed its preferred dividends for three years. Would the company have to pay those dividends in arrears before paying dividends to the common stockholders? Give your reason. 4. What amount of preferred dividends must Classic declare and pay each year to avoid having preferred dividends in arrears? 5. Assume that preferred dividends are in arrears for the year ended March 31,2021 . Journalize the declaration of an $880,000 dividend on March 31, 2022. An explanation is not required. Classic Outdoor Furniture Company included the following stockholders' equity on its year-end balance sheet at March 31, 2022: 5 (Click the icon to view the partial balance sheet.) Read the requirements 6. Requirement 1. Identify the different issues of stock that Classic Outdoor Furniture Company has outstanding. (If an input field is not used in the table, leave the field empty; do not make a selection.) Issue of stock Requirement 2. Give the summary entries to record issuance of all the Classic stock. Assume that all the stock was issued for cash. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Record issuance of the Class A Preferred Stock. Record issuance of the Class B Preferred Stock. Record issuance of the Common Stock. Requirement 3. Suppose Classic passed its preferred dividends for three years. Would the company have to pay those dividends in arrears before paying dividends to the common stockholders? Give your reason. Classic Outdoor Furniture Company (17) have to pay preferred dividends in arrears before paying dividends to the common stockholders because the preferred stock is (18). Requirement 4. What amount of preferred dividends must Classic declare and pay each year to avoid having preferred dividends in arrears? Classic must declare and pay dividends of each year to avoid having preferred dividends in arrears. Requirement 5. Assume that preferred dividends are in arrears for the year ended March 31,2021 . Journalize the declaration of an $880,000 dividend on March 31, 2022. An explanation is not required. (Record debits first, then credits. Exclude explanations from any journal entries.) 1. Identify the different issues of stock that Classic Outdoor Furniture Company has outstanding. 2. Give the summary entries to record issuance of all the Classic stock. Assume that all the stock was issued for cash. Explanations are not required. 3. Suppose Classic passed its preferred dividends for three years. Would the company have to pay those dividends in arrears before paying dividends to the common stockholders? Give your reason. 4. What amount of preferred dividends must Classic declare and pay each year to avoid having preferred dividends in arrears? 5. Assume that preferred dividends are in arrears for the year ended March 31,2021 . Journalize the declaration of an $880,000 dividend on March 31, 2022. An explanation is not required