True 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 True Comfort Specialists has outstanding. True has outstanding. Requirement 2. What is the par value per share of True Comfort Specialists' preferred stock? The par value per share of preferred stock is Requirement 3. Make two summary journal entries to record issuance of all the True Comfort Specialists' stock for cash. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by recording the issuance of the preferred stock. Date Accounts Next, record the issuance of the common stock. Date Debit Credit Requirements 1. Identify the different classes of stock that True Comfort Specialists has outstanding. 2. 3. What is the par value per share of True Comfort Specialists' preferred stock? Make two summary journal entries to record issuance of all the True Comfort Specialists' stock for cash. Explanations are not required. Accounts Debit Credit 4. No preferred dividends are in arrears. Journalize the declaration of a $600,000 dividend at June 30, 2024, and the payment of the dividend on July 20, 2024. Use separate Dividends Payable accounts for preferred and common stock. An explanation is not required. 02:42:48 Next