Required information . Problem 8-24 (Algo) Common and preferred stock-issuances and dividends LO 1, 2 [The following information applies to the questions displayed below) Permabilt Corp. was incorporated on January 1, 2019, and issued the following stock for cash: 1.100,000 shares of no-par common stock were authorized: 277.000 shares were issued on January 1, 2019, at $31 per . 447,000 shares of $100 par value, 10.00% cumulative, preferred stock were authorized: 126.000 shares were issued on January 1, 2019, at $125 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 $6.120,000. payable on February 12, 2022, to holders of record as of January 8. 2022 share. Problem 8-24 (Algo) Part o - Horizontal Model 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.)