[The following information applies to the questions displayed below.]

Homestead Oil Corporation was incorporated on January 1, 2022, and issued the following stock for cash:

840,000 shares of no-par common stock were authorized; 140,000 shares were issued on January 1, 2022, at $18.00 per share.

200,000 shares of $110 par value, 7.50% cumulative, preferred stock were authorized; 63,000 shares were issued on January 1, 2022, at $140 per share.

Net income for the years ended December 31, 2022 and 2023 was $1,360,000 and $2,520,000, respectively.

No dividends were declared or paid during 2022. However, on December 27, 2023, the board of directors of Homestead declared dividends of $1,680,000, payable on February 11, 2024, to holders of record as of January 16, 2024.

Prepare the journal entries to record each of the below transactions.

Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

The issuance of common stock and preferred stock on January 1, 2022.

The declaration of dividends on December 27, 2023.

The payment of dividends on February 11, 2024.

Record stock issuances.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
January 01, 2022

Record the declaration of dividends.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
December 27, 2023

Record the payment of dividends.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
February 11, 2024