Terrific Comfort Specialists, Inc., reported the following stockholders' equity on its balance sheet at June 30, 2012:

Requirements
1. Identify the different issues of stock that Terrific has outstanding.
2. What is the par value per share of Terrific's preferred stock?
3. Make two summary journal entries to record issuance of all the Terrific stock for cash. Explanations are not required.
4. No preferred dividends are in arrears. Journalize the declaration of a $600,000 dividend at June 30, 2012. Use separate Dividends payable accounts for preferred and common. An explanation is notrequired.

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TERRIFIC COMFORT SPECIALISTS, INC. Stockholders' Equity June 30, 2012 Paid-in Capital: S 1,400,000 Preferred stock, 5%, ? par, 650,000 shares authorized, 280,000 shares issucd Common stock, par value $1 per share, 5,000,000 shares authorizcd, 1,350,000 shares issued and outstanding 1,350,000 Paid in capital in excess of par-common 2,400,000 Total paid-in capital 5,150,000 Retained carnings 12,300,000 $ 17,450,000 Total stockholders' cquity