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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

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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: 840,000 shares of no-par common stock were authorized: 150,000 shares were issued on January 1, 2019, at $19.00 per share. . 200,000 shares of $90 par value, 9.00% cumulative, preferred stock were authorized: 70,000 shares were issued on January 1, 2019, at $140 per share. Net income for the years ended December 31, 2019 and 2020 was $1430,000 and $2,700,000, respectively No dividends were declared or paid during 2019. However, on December 28, 2020, the board of directors of Homestead declared dividends of $1,530,000, 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) Answer is not complete Balance Sheet Netice Assets Stockholders' Equity Commons Preferred to . DO & * # $ 4 % 5 1 0 6 8 9 2 3 0 3 Q E R U . Y F G D F S H . J K C V B Z N M Hd so far. It does not indicate complet Required information 2. Use the horizontal model for the declaration of dividends on December 28, 2020. Indicate the financial statement effect. (inter decreases with a minus sign to indicate a negative financial statement effect.) Answer is not com Assets Balance Sheet Liables Dividends payable O- Stockholders' Equity Retained ang 3. Use the horizontal model for the payment of dividends on February 12, 2021 Indicate the financial statement effect inter decreases with a minus sign to indicate a negative financial statement effect.) Answer is not complete. 80 BIL & * # $ 4 % 5 1 0 6 8 9 2 3 0 3 Q E R U . Y F G D F S H . J K C V B Z N M Hd so far. It does not indicate complet Required information 2. Use the horizontal model for the declaration of dividends on December 28, 2020. Indicate the financial statement effect. (inter decreases with a minus sign to indicate a negative financial statement effect.) Answer is not com Assets Balance Sheet Liables Dividends payable O- Stockholders' Equity Retained ang 3. Use the horizontal model for the payment of dividends on February 12, 2021 Indicate the financial statement effect inter decreases with a minus sign to indicate a negative financial statement effect.) Answer is not complete. 80 BIL

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