Altuve Co. was incorporated on January 1, 2016, at which time 550,000 shares of $10 par value common stock were authorized, and 230,000 of these shares were issued for $19 per share. Net income for the year ended December 31, 2016, was $2,628,900. 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.)

b. Use the horizontal model to show the effects of the declaration of dividends on December 31, 2016. (Use amounts with + for increases and amounts with for decreases.)

c. Use the horizontal model to show the effects of the payment of dividends on February 7, 2017. (Use amounts with + for increases and amounts with for decreases.)

d. Record the journal entry for the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)