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: 810,000 shares of no-par common stock were authorized; 140,000 shares were issued on January 1, 2019, at $18.00 per share. 240,000 shares of $90 par value, 9.50% cumulative, preferred stock were authorized; 51,000 shares were issued on January 1, 2019, at $140 per share. Net income for the years ended December 31, 2019 and 2020 was $1,290,000 and $2,580,000, respectively. No dividends were declared or paid during 2019. However, on December 28, 2020, the board of directors of Homestead declared dividends of $1,700,000, 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 Assets Stockholders' Equity - Net Income = Income Statement Revenues Expenses