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: 720,000 shares of no-par common stock were authorized; 150,000 shares were issued on January 1, 2019, at $19.00 per share. 290,000 shares of $100 par value, 9.00% cumulative, preferred stock were authorized; 60,000 shares were issued on January 1, 2019, at $130 per share. Net income for the years ended December 31, 2019 and 2020 was $1,220,000 and $2,450,000, respectively. No dividends were declared or paid during 2019. However, on December 28, 2020, the board of directors of Homestead declared dividends of $1,680,000, 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.) Balance Sheet Liabilities Income Statement Revenues Assets + Stockholders' Equity Net Income Expenses + + +