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: - 770,000 shares of no-par common stock were authorized; 140,000 shares were issued on January 1, 2022, at $20.00 per share. - 200,000 shares of $110 par value, 8.50% cumulative, preferred stock were authorized; 57,000 shares were issued on January 1, 2022, at $150 per share. - Net income for the years ended December 31,2022 and 2023 was $1,310,000 and $2,570,000, respectively. - No dividends were declared or paid during 2022. However, on December 27, 2023, the board of directors of Homestead declared dividends of $1,840,000, payable on February 11, 2024, to holders of record as of January 16 , 2024. roblem 8-25 (Algo) Part a - Horizontal Model equired: . Use the horizontal model for the issuance of common stock and preferred stock on January 1, 2022. Indicate the financial statement effect. Use the horizontal model for the declaration of dividends on December 27, 2023. Indicate the financial statement effect. Use the horizontal model for the payment of dividends on February 11, 2024. Indicate the financial statement effect. Complete this question by entering your answers in the tabs below