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: 150,000 shares were issued on January 1 2019, $19.00 per share 250,000 shares of $90 par value, 8.00% cumulative, preferred stock were authorized: 55,000 shares were issued on January 1 2019, at $130 per share Net income for the years ended December 31, 2019 and 2020 was $1410,000 and $2,420,000, respectively No dividends were declared or paid during 2019. However, on December 28, 2020. the bowd of directors of Homestead declared dividends of $1790,000 payable on February 12, 2021, to holders of record as of Januwy 19 2021 Required: 1. Use the horizontal model for the issuance of common stock and preferred stock on January 1, 2010. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Balance Sheet Ince Assets Stockholders' Equity Net Income 2.850.000 - 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 Liabetes Stockholders' Equity hein Income Statement Revenues Expen 3. Use the horizontal model for the payment of dividends on February 12, 2021 Indicate the financial statement effect (Enter decreases with a minus sign to indicate a negative financial statement effect.) Balance Sheet Liabetes Income tale Stockholders' Equity Net Income Expenses