Identifying source of equity, stock issuance, and dividendsTillman Comfort Specialists, Inc. reported the following stockholders’ equity on balance sheet at June 30, 2018:RequirementsIdentify the different classes of stock that Tillman Comfort Specialists has outstanding.What is the par value per share of Tillman Comfort Specialists’ preferred stock?Make two summary journal entries to record issuance of all the Tillman Comfort Specialists stock for cash. Explanations are not required.No preferred dividends are in arrears. Journalize the declaration of a $200,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. Use separate Dividends Payable accounts for preferred and common stock. An explanation is not required. Stockholders' EquityPaid-In Capital:Preferred Stock-5%, ? Par Value; 625,000 sharesauthorized, 325,000 shares issued and outstanding$ 1,300,000Common Stock-$1 Par Value; 7,000,000 sharesauthorized, 1,350,000 shares issued and outstanding1,350,000Paid-In Capital in Excess of Par-CommonTotal Paid-In Capital2,600,0005,250,000Retained EarningsTotal Stockholders' Equity11,800,000$ 17.050,000

1) Classes of stock that Tillman Comfort Specialists has outstanding: i ) Preferred stock ii )…

Stockholders' Equity Paid-In Capital: Preferred Stock-5%, ? Par Value; 625,000 shares authorized, 325,000 shares issued and outstanding $ 1,300,000 Common Stock-$1 Par Value; 7,000,000 shares authorized, 1,350,000 shares issued and outstanding 1,350,000 Paid-In Capital in Excess of Par-Common Total Paid-In Capital 2,600,000 5,250,000 Retained Earnings Total Stockholders' Equity 11,800,000 $ 17.050,000

Stockholders' Equity Paid-In Capital: Preferred Stock-5%, ? Par Value; 625,000 shares authorized, 325,000 shares issued and outstanding $ 1,300,000 Common Stock-$1 Par Value; 7,000,000 shares authorized, 1,350,000 shares issued and outstanding 1,350,000 Paid-In Capital in Excess of Par-Common Total Paid-In Capital 2,600,000 5,250,000 Retained Earnings Total Stockholders' Equity 11,800,000 $ 17.050,000

Accounting (Text Only)

26th Edition

ISBN:9781285743615

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter15: Investments And Fair Value Accounting

Section: Chapter Questions

Problem 15.4CPP: Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31,...

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