Terrific Comfort Specialists, Inc. reported the following stockholders' equity on its balance sheet at June $30,2024$ :

$($Click the icon to view the partial balance sheet.$)$

Read the requirements.

Requirement $1.$ Identify the different classes of stock that Terrific Comfort Specialists has outstanding.

Terrific has preferred stock and common stock outstanding.

Requirement $2.$ What is the par value per share of Terrific Comfort Specialists' preferred stock?

The par value per share of preferred stock is

Data table

$\backslash$table$[[$Stockholders$\text{'}$ Equity$],[$Paid$-$In Capital:$],[\backslash$table$[[$Preferred Stock$-7\%,?$ Par Value; $600,000$ shares$],[$authorized$,320,000$ shares issued and outstanding$]],$$$,1,600,000$