Voyage Comfort Specialists, Inc. reported the following stockholders' equity on its balance sheet at June 30, 2018:

Requirements
1. Identify the different classes of stock that Voyage Comfort Specialists has outstanding.
2. What is the par value per share of Voyage Comfort Specialists' preferred stock?
3. Make two summary journal entries to record issuance of all the Voyage Comfort Specialists' stock for cash. Explanations are not required.
4. No preferred dividends are in arrears. Journalize the declaration of a $500,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. Use separate Dividends Payable accounts for preferred and common stock. An explanation is not required.

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Stockholders' Equity Paid-In Capital: Preferred Stock-7%, ? Par Value; 625,000 shares authorized, 280,000 shares issued and outstanding $ 1,400,000 Common Stock-S1 Par Value; 3,000,000 shares authorized, 1,340,000 shares issued and outstanding 1,340,000 Paid-In Capital in Excess of Par-Common Total Paid-In Capital 2,900,000 5,640,000 Retained Earnings Total Stockholders' Equity 12,000,000 $ 17,640,000