Required information (The following information applies to the questions displayed below.) Homestead Oil Corp. was incorporated on January 1, 2019, and issued the following stock for cash: 880,000 shares of no-par common stock were authorized; 150,000 shares were issued on January 1, 2019, at $19.00 per share. 230,000 shares of $120 par value, 7.50% cumulative, preferred stock were authorized; 79,000 shares were issued on January 1, 2019, at $140 per share. Net income for the years ended December 31, 2019 and 2020 was $1,400,000 and $2,400,000, respectively. No dividends were declared or paid during 2019. However, on December 28, 2020, the board of directors of Homestead declared dividends of $1,480,000, payable on February 12, 2021, to holders of record as of January 19, 2021. Required: 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.) Balance Sheet Assets Liabilities Stockholders' Equity Net Income + + Income Statement Revenues Expenses 2. Use the horizontal model for the declaration of dividends on December 28, 2020. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Balance Sheet Liabilities Assets Stockholders' Equity Net Income Income Statement Revenues Expenses 3. Use the horizontal model for the payment of dividends February 12, 2021. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Incol Balance Sheet Liabilities Assets Stockholders' Equity Net Income Revenues ome Statement Expenses Required information [The following information applies to the questions displayed below.) Homestead Oil Corp. was incorporated on January 1, 2019, and issued the following stock for cash: 880,000 shares of no-par common stock were authorized; 150,000 shares were issued on January 1, 2019, at $19.00 per share. 230,000 shares of $120 par value, 7.50% cumulative, preferred stock were authorized; 79,000 shares were issued on January 1, 2019, at $140 per share. Net income for the years ended December 31, 2019 and 2020 was $1,400,000 and $2,400,000, respectively. No dividends were declared or paid during 2019. However, on December 28, 2020, the board of directors of Homestead declared dividends of $1,480,000, payable on February 12, 2021, to holders of record as of January 19, 2021. b. Of the total amount of dividends declared during 2020, how much will be received by preferred shareholders? Dividends received by Preferred shareholders