Heck my won 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: . 720,000 shares of no-par common stock were authorized; 150,000 shares were issued on January 1, 2019, at $19.00 per share. 260,000 shares of $90 par value, 9.00% cumulative, preferred stock were authorized; 75,000 shares were issued on January 1, 2019, at $130 per share. Net income for the years ended December 31, 2019 and 2020 was $1,300,000 and $2,460,000, respectively. No dividends were declared or paid during 2019. However, on December 28, 2020, the board of directors of Homestead declared dividends of $1,720,000, 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 minus sign to indicate a negative financial statement effect.) Balance Sheet Liabilities Assets + Stockholders' Equity Net Income Rever + + = + 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 Sheet Assets Liabilities + Stockholders' Equity Net Income R II + II 3. Use the horizontal model for the payment of dividends on February 12, 2021. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Balance Sheet Income Statement Assets Liabilities + Stockholders' Equity Net Income Revenues +