Che 5 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, ot $17.00 230,000 shares of $110 par value, 7.50% cumulative, preferred stock were authorized: 54,000 shares were issued on 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 $1670,000, payable on February 12, 2021, to holders of record as of January 19, 2021 BOR Required: 1. Use the horizontal model for the issuance of common stock and preferred stock on January 1, 2019. indicate the ancial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Balance sheet Liabilities Assets stockholders' Equity Net income . Part 2 of 2 1.11 points 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 $17.00 230,000 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 $4670,000, payable on February 12, 2021, to holders of record as of January 19, eBook 2021 Dri b. Of the total omount of dividends declared during 2020, how much will be received by preferred shareholders? Dividends received by Preferred thareholder