Permabilt Corp. was incorporated on January 1, 2019, and issued the following stock for cash:

• 2,000,000 shares of no-par common stock were authorized; 750,000 shares were issued on January 1, 2019, at $35 per share.
• 800,000 shares of $100 par value, 7.5% cumulative, preferred stock were authorized; 540,000 shares were issued on January 1, 2019, at $105 per share.
• No dividends were declared or paid during 2019 or 2020. However, on December 22, 2021, the board of directors of Permabilt Corp. declared dividends of $15,000,000, payable on February 12, 2022, to holders of record as of January 8, 2022.

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.)