I cannot calculate the cash amount according to my calculation it is $21600 however when I place it on either debt or credit it says it is incorrect. I can tell it is a required field and that it is incorrect based on the ability to check my answer before submitting this homework. Please do a step-by-step analysis. Thank you!

The following information applies to the questions displayed below. Homestead Oil Corp. was incorporated on January 1, 2016, and issued the following stock for cash: 800,000 shares of no-par common stock were authorized; 150,000 shares were issued on January 1, 2016, at $38 per share. 200,000 shares of $100 par value, 6.5% cumulative, preferred stock were authorized, and 90,000 shares were issued on January 1, 2016, at $122 per share. Net income for the years ended December 31, 2016 and 2017, was $2,600,000 and $5,600,000, respectively. No dividends were declared or paid during 2016. However, on December 28, 2017, the board of directors of Homestead declared dividends of $3,600,000, payable on February 12, 2018, to holders of record as of January 19, 2018. . value: Required information 1.00 points Prepare the journal entries to record each of the below transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1. The issuance of common stock and preferred stock on January 1, 2016. 2. The declaration of dividends on December 28, 2017. 3. The payment of dividends on February 12, 2018. ofdvdends on Februany 12. View transaction list