Altuve Co. was incorporated on January 1, 2016, at which time 250,000 shares of $10 par value common stock were authorized, and 110,000 of these shares were issued for $17 per share. Net income for the year ended December 31, 2016, was $1,257,300. Altuve Co.'s board of directors declared dividends of $3 per share of common stock on December 31, 2016, payable on February 7, 2017.

Required:

a.Use the horizontal model to show the effects of the issuance of common stock on January 1, 2016.(Use amounts with + for increases and amounts with - for decreases.)