earning Objectives 1, 2, 4 P-47B Identifying sources of equity, stock issuance, and dividends Tillman Comfort Specialists, Inc. reported the following stockholders' equity on its balance sheet at June 30, 2018: 4. Common stock dividends 135,000 Stockholders' Equity Paid-In Capital: Preferred Stock-5%. ? Par Value; 625,000 shares authorized, 325,000 shares issued and outstanding Common Stock-$1 Par Value; 7,000,000 shares 1,300,000 authorized, 1,350,000 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital 1,350,000 2,600,000 5,250,000 11,800,000 17,050,000 Retained Earnings Total Stockholders' Equity Requirements 1. Identify the different classes of stock that Tillman Comfort Specialists has outstanding 2. What is the par value per share of Tillman Comfort Specialists' preferred stock? 3. Make two summary journal entries to record issuance of all the Tillman Comfort Specialists stock for cash. Explanations are not required. 4. No preferred dividends are in arrears. Journalize the declaration of a $200,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. Use separate Dividends Payable accounts for preferred and common stock. An explanation is not required