Required information Problem 8-34 (Algo) Comprehensive problem-calculate missing amounts, issue price, net income, and dividends; interpret stock dividend and split LO 8-1, 8-2, 8-3, 8-4, 8-6, 8-7 [The following information applies to the questions displayed below.] Bacon Incorporated has the following stockholders' equity section in its May 31, 2022, comparative balance sheets: Paid-in capital: Preferred stock, $140 par value, 8%, cumulative, 100,000 shares authorized, 72,000 shares issued and outstanding Common stock, $8 par value, 600,000 shares authorized, 410,000 and 390,000 shares issued, respectively Additional paid-in capital Retained earnings Less: Treasury common stock, at cost; 20,000 shares and 19,000 shares, respectively Total stockholders' equity May 31, 2022 April 30, 2022 $ 10,080,000 $ 10,080,000 7 14,770,000 12,170,000 3,120,000 14,340,000 11,894,000 (1,840,000) $7 (1,824,000) $ 37,610,000 Problem 8-34 (Algo) Part f - Horizontal Model f-1. Assume that on June 1 the market value of the common stock was $34 per share and that the board of directors declared a 6% stock dividend on the issued shares of common stock. Use the horizontal model to show the issuance of the stock dividend. Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Balance Sheet