This Question: 24 pts 1 of 8 (0 complete) Thurman Comfort Specialists, Inc. repo

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This Question: 24 pts 1 of 8 (0 complete) Thurman Comfort Specialists, Inc. reported the following stockholders equity on its balance sheet at June 30, 2018: Click the icon to view the partial balance sheet.) Read the requirements Requirement 1. Identify the diffierent classes of stock that Thurman Comfort Speciaists has outstanding Thurman has outstanding. Requirement 2. What is the par value per share of Thurman Comfort Specialists preferred stock? The par value of preferred stock is per share. any journal entries.) Begin by recording the issuance of the preferred stock Accounts Debit Credit Date Next, record the issuance of the common stock Choose from any list or enter any number in the input fields and then continue to the next question. 888a 2 3 4 5 6 7

Explanation / Answer

Requirement 1) Preferred stock Common stock Requirement 2) par value of Prferred stock is $ 4 per share (1,600,000/400,000) Requirement 3) Date                  Accounts                             Debit Credit Cash 1,600,000 Preferred stock 1,600,000 Cash 4,050,000 Common Stock 1,350,000 Paid in capital in excess of par-common 2,700,000 Requirement 4 30-Jun Retained earnings/Cash dividend 300,000 Dividends payable-preferred (4*6%*400000) 96000 Dividends payable -common stock 204,000 20-Jul Dividends payable-preferred (4*6%*400000) 96,000 Dividends payable -common stock 204,000 Cash 300,000

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