Trane Comfort Specialists, Inc. reported the following stockholders' equity on its balance sheet at June 30, 2014: Identify the different classes of stock that Trane has outstanding. What is the par value per share of Trane's preferred stock? Make two summary journal entries to record issuance of all the Trane stock for cash. Explanations are not required. No preferred dividends are in arrears. Journalize the declaration of a $500,000 dividend at June 30, 2014, and the payment of the dividend on July 20, 2014. Use separate Dividends Payable accounts for preferred and common stock. An explanation is not required