Travel Comfort Specialists Inc reported the following

stockholders equity on #458

Travel Comfort Specialists, Inc. reported the following stockholders’ equity on its balance sheet
at June 30, 2016:Stockholders' EquityPaid-In Capital:Preferred Stock—6%, ? Par Value; 675,000
shares authorized, 200,000 shares issued and outstanding .................. $ 1,000,000Common
Stock—$1 Par Value; 9,000,000 shares authorized, 1,320,000 shares issued and outstanding
.................. 1,320,000Paid-In Capital in Excess of Par—Common ...... 2,700,000Total Paid-In
Capital .............. 5,020,000Retained Earnings .............. 11,900,000Total Stockholders' Equity
........... $ 16,920,000Requirements1. Identify the different classes of stock that Travel has
outstanding.2. What is the par value per share of Travel’s preferred stock?3. Make two
summary journal entries to record issuance of all the Travel stock for cash. Explanations are not
required.4. No preferred dividends are in arrears. Journalize the declaration of a $900,000
dividend at June 30, 2016, and the payment of the dividend on July 20, 2016.Use separate
Dividends Payable accounts for preferred and common stock. An explanation is not
required.View Solution:
Travel Comfort Specialists Inc reported the following stockholders equity on

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