The Preferred Hotel, Inc., included the following stockholders' equity on its year-end balance sheet at December 31, 2018. (Click the icon to view the balance sheet information.) Read the requirements. Requirement 1. Identify the different issues of stock that the Preferred Hotel, Inc., has outstanding. Preferred Hotel, Inc. has cumulative preferred stock and common stock outstanding. Requirement 2. Give the two entries to record issuance of the Preferred Hotel, Inc.'s 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.) Start by recording the issuance of the preferred stock. Date Cash Preferred stock Journal Entry Accounts Debit Credit 77000 Record the issuance of the common stock. 77000 Journal Entry Accounts Debit Credit 630000 Date Cash Common stock Paid-in capital in excess of par-common 630000 110000 Requirement 3. Assume that preferred dividends are in arrears for 2017 and 2018. Record the declaration of a $60,000 cash dividend on December 30, 2019. Assume no change in the preferred stock account in 2019. Use separate Dividends payable accounts for preferred and common stock. An explanation is not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Dividends payable, preferred Dividends payable, common Cash Debit Credit 11550 60000