Required information [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: 830,000 shares of no-par common stock were authorized; 150,000 shares were issued on January 1, 2022, at $19.00 per share. 270,000 shares of $90 par value, 9.50% cumulative, preferred stock were authorized; 53,000 shares were issued on January 1, 2022, at $140 per share. Net income for the years ended December 31, 2022 and 2023 was $1,340,000 and $2,470,000, respectively. No dividends were declared or paid during 2022. However, on December 27, 2023, the board of directors of Homestead declared dividends of $1,760,000, payable on February 11, 2024, to holders of record as of January 16, 2024. 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. 1. The issuance of common stock and preferred stock on January 1, 2022. 2. The declaration of dividends on December 27, 2023. 3. The payment of dividends on February 11, 2024. View transaction list Journal entry worksheet 1 2 3

Required information The rottowing information applies to the questions displayed below] Homestead Oil Corporation was incorporated on January 1, 2022, and issued the following stock for cash: - 830,000 shares of no-per common stock were authorized; 150,000 shares were lesved on Janiary 1,2022, at $19,00 pershare. - 270,000 shares of $90 par value, 9.50% cumulative, preferred stock were authorized; 53,000 shares were issued on January 1, 2022, at $140 per share. - Net income for the years ended December 31,2022 and 2023 was $1,340,000 and $2,470,000, respectively. - No dividends were declared or paid during 2022. However, on December 27, 2023, the board of directors of Homestead deciared dividends or $1,760,000, payable on February 11, 2024, to holders of record as of January 16 , 2024. 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. 1. The issuance of common stock and preferred stock on January 1,2022. 2. The declaration of dividends on December 27,2023 . 3. The payment of dividends on February 11,2024. Journal entry worksheet Journal entry worksheet Journal entry worksheet Record the declaration of dividends. Note: Enter debits before credits. Journal entry worksheet Record the payment of dividends. Note: Enter debits before credits