3 The balance sheet caption for common stock is the following: 1.11 points Common stock, $3 par value, 2,320,000 shares authorized, 1,120,000 shares issued, 930,000 shares outstanding $2 eBook Required: a. Calculate the dollar amount that will be presented opposite this caption. b. Calculate the total amount of a cash dividend of $0.22 per share. c. What accounts for the difference between issued shares and outstanding shares? Hint a. Amount b. Cash dividend c. Difference between issued shares and outstanding shares Print References 5 0 Part 1 of 2 1.11 points Required information The following information applies to the questions displayed below) Homestead Oil Corp. was incorporated on January 1, 2019, and issued the following stock for cash: 780,000 shares of no-par common stock were authorized: 160.000 shares were issued on January 1, 2019, at $12.00 per share. 230,000 shares of $110 par value, 7.50% cumulative, preferred stock were authorized: 54,000 shares were issued on January 1, 2019, at $150 per share. Net income for the years ended December 31, 2019 and 2020 was $1,360,000 and $2,630,000, respectively. No dividends were declared or paid during 2019. However, on December 28, 2020, the board of directors of Homestead declared dividends of $1,670,000, payable on February 12. 2021, to holders of record os of January 19, 2021 eBook Print References Required: 1. Use the horizontal model for the issuance of common stock and preferred stock on January 1 2019. Indicate the financial statement effect (Enter decreases with a minus sign to indicate a negative financial statement effect.) Balance Sheet Liabilities Assets Stockholders' Equity Net Income 6 Part 2 of 2 11 oints Required information [The following information applies to the questions displayed below.) Homestead Oll Corp. was incorporated on January 1, 2019, and issued the following stock for cash: 780,000 shares of no-par common stock were authorized; 160,000 shares were issued on January 1, 2019, at $17.00 per share 230,000 shares of $110 par value. 7.50% cumulative, preferred stock were authorized: 54,000 shares were issued on January 1, 2019, at $150 per share. Net Income for the years ended December 31, 2019 and 2020 was $1,360,000 and $2,630,000, respectively. No dividends were declared or paid during 2019. However, on December 28, 2020, the board of directors of Homestead declared dividends of $1,670,000, payable on February 12, 2021, to holders of record as of January 19, 2021 eBook Print b. Of the total amount of dividends declared during 2020, how much will be received by preferred shareholders? Teterences Dividends received by Preferred shareholders