Check my work 5 Part 2 111 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 .740.000 shares of no por common stock were authorized: 160,000 shares were issued on January 1, 2019, at $18.00 per share 200,000 shares of $120 par value. 9.00% cumulative, preferred stock were authorized: 51,000 shares were issued on January 1, 2019, at $130 per share. Net income for the years ended December 31, 2019 and 2020 was $1.320,000 and $2.420,000, respectively No dividends were declared or paid during 2019. However, on December 28, 2020 the board of directors of Homestead declared dividends of $1.560.000 payable on February 12, 2021. to holders of record as of January 19. 2021 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 Li Maneta Stockholders' Net Income Rever MacBook Pro 0 RS 00 DI DO 3 A tas 5 6 7 ( a 8 5 ed below) and issued the following stock for cash: 10: 160.000 shares were issued on January 1, 2019, at $18.00 oferred stock were authorized: 51.000 shares were issued on 12020 was $1.320.000 and $2.420,000, respectively ver, on December 28, 2020, the board of directors of on February 12, 2021, to holders of record as of January 19. De ad preferred stock on January 1, 2019. Indicate the financial statement e financial statement effect.) Income stunt Revenues Sockholders Equity Net Incomo Required information 2. Use the horizontal model for the declaration of dividends on December 28, 2020. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect) Balance bet Stockholders' Equity None 3. Use the hotel model for the payment of dividends on February 12, 2021. Indicate the financial statement effect. (Enter dress with a minus sign to indicate a negative financial statement effect) Net Income Revenue Check my work 5 Part 2 111 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 .740.000 shares of no por common stock were authorized: 160,000 shares were issued on January 1, 2019, at $18.00 per share 200,000 shares of $120 par value. 9.00% cumulative, preferred stock were authorized: 51,000 shares were issued on January 1, 2019, at $130 per share. Net income for the years ended December 31, 2019 and 2020 was $1.320,000 and $2.420,000, respectively No dividends were declared or paid during 2019. However, on December 28, 2020 the board of directors of Homestead declared dividends of $1.560.000 payable on February 12, 2021. to holders of record as of January 19. 2021 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 Li Maneta Stockholders' Net Income Rever MacBook Pro 0 RS 00 DI DO 3 A tas 5 6 7 ( a 8 5 ed below) and issued the following stock for cash: 10: 160.000 shares were issued on January 1, 2019, at $18.00 oferred stock were authorized: 51.000 shares were issued on 12020 was $1.320.000 and $2.420,000, respectively ver, on December 28, 2020, the board of directors of on February 12, 2021, to holders of record as of January 19. De ad preferred stock on January 1, 2019. Indicate the financial statement e financial statement effect.) Income stunt Revenues Sockholders Equity Net Incomo Required information 2. Use the horizontal model for the declaration of dividends on December 28, 2020. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect) Balance bet Stockholders' Equity None 3. Use the hotel model for the payment of dividends on February 12, 2021. Indicate the financial statement effect. (Enter dress with a minus sign to indicate a negative financial statement effect) Net Income Revenue