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: 890,000 shares of no-par common stock were authorized; 140,000 shares were issued on January 1, 2019, at $19.00 per share. 200,000 shares of $120 par value, 8.50% cumulative, preferred stock were authorized; 74,000 shares were issued on January 1, 2019, at $150 per share. Net Income for the years ended December 31, 2019 and 2020 was $1,230,000 and $2.670,000, respectively. No dividends were declared or paid during 2019. However, on December 28, 2020, the board of directors of Homestead declared dividends of $1,850,000, payable on February 12, 2021, to holders of record as of January 19, 2021. 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.) Income Statement Balance Sheet Liabilities Assets + Stockholders' Equity Net Income 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 Income Statement Assets Liabilities Stockholders' Equity Net Income Revenues Expenses