Homestead Oil Corporation was incorporated on January $1,2022,$ and issued the following stock for cash:

$880,000$ shares of no$-$par common stock were authorized; $140,000$ shares were issued on January $1,2022,$ at $$17\mathrm{.}00$ per share.

$270,000$ shares of $$110$ par value, $8\mathrm{.}00\%$ cumulative, preferred stock were authorized; $50,000$ shares were issued on January $1,2022,$ at $$140$ per share.

Net income for the years ended December $31,2022$ and $2023$ was $$1,400,000$ and $$2,600,000,$ respectively.

No dividends were declared or paid during $2022.$ However, on December $27,2023,$ the board of directors of Homestead declared dividends of $$1,800,000,$ payable on February $11,2024,$ to holders of record as of January $16,2024.$

Journal entry worksheet

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Record stock issuances.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $01,2022,$Cash,$2,380,000,],[,$Common stock,,$],[,$Cash,,$],[,$Preferred stock,,$],[,$Additional paid$-$in capital,,$],[,,,]]$Journal entry worksheet

$1$

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$3$

Record stock issuances.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $01,2022,$Cash,$2,380,000,],[,$Common stock,,$],[,$Cash,,$],[,$Preferred stock,,$],[,$Additional paid$-$in capital,,$],[,,,]]$