P10-78A (similar to) Question Help Elegant Outdoor Furniture Company included the following stockholders' equity on its year-end balance sheet at March 31, 2019 (Click the icon to view the partial balance sheet.) Read the requirements. Requirement 1. Identify the different issues of stock that Elegant Outdoor Furniture Company has outstanding. (If a box is not used in the table, leave the box empty, do not make a selection.) Data Table 0 Requirements Amount S 2,660,000 Stockholders' Equity Preferred stock, 5% cumulative-par value $35 per share; authorized 190,000 shares in each class Class A-issued 76,000 shares Class B-issued 94,000 shares Common stock-$7 par value: : authorized 1,750,000 shares, Issued 260,000 shares Additional paid-in capital-common 3,290,000 1. Identify the different issues of stock that Elegant Outdoor Furniture Company has outstanding. 2. Give the summary entries to record issuance of all the Elegant stock. Assume that all the stock was issued for cash. Explanations are not required. 3. Suppose Elegant 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 Elegant declare and pay each year to avoid having preferred dividends in arrears? 5. Assume that preferred dividends are in arrears for 2018. Journalize the declaration of an S880,000 dividend on March 31, 2019. An explanation is not required. 1,820,000 5,530,000 8.350,000 Retained earnings Print Done S 21,650,000 Print Done Choose from any drop-down list and then click Check