Required information

Problem $8-25($Algo$)$ Common and preferred stock$-$issuances and dividends LO $8-1,8-2,8-3$

$[$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:

$890,000$ shares of no$-$par common stock were authorized; $150,000$ shares were issued on January $1,2022,$ at $$17,00$ per share.

$220,000$ shares of $$110$ par value, $8\mathrm{.}50\%$ cumulative, preferred stock were authorized; $63,000$ shares were issued on January $1,2022,$ at $$150$ per share.

Net income for the years ended December $31,2022$ and $2023$ was $$1,210,000$ and $$2,680,000,$ respectively.

No dividends were declared or paid during $2022.$ However, on December $27,2023,$ the board of directors of Homestead declared dividends of $$1,640,000,$ payable on February $11,2024,$ to holders of record as of January $16,2024.$

Problem $8-25($Algo$)$ Part a $-$ Journal Entry

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 $11,2024.$