Journal entry worksheet

Record stock issuances.

Note: Enter debits before credits.$[$The following information applies to the questions displayed below.$]$

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

$820,000$ shares of no$-$par common stock were authorized; $140,000$ shares were issued on January $1,2022,$ at $$17\mathrm{.}00$ per share.

$220,000$ shares of $$100$ par value, $9\mathrm{.}00\%$ cumulative, preferred stock were authorized; $65,000$ shares were issued on January $1,2022,$ at $$150$ per share.

Net income for the years ended December $31,2022$ and $2023$ was $$1,450,000$ and $$2,590,000,$ respectively.

No dividends were declared or paid during $2022.$ However, on December $27,2023,$ the board of directors of Homestead declared dividends of $$1,410,000,$ payable on February $11,2024,$ to holders of record as of January $16,2024.$

Prepare the journal entries to record each of the below transactions.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

The issuance of common stock and preferred stock on January $1,2022.$

The declaration of dividends on December $27,2023.$

The payment of dividends on February $11,2024.$