terrific comfort specialists inc reported the following stockholders/

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 July 30, 2014. Use separate Dividends payable accounts for preferred and common. An explanation is notrequired.