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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: 140.000 shares were issued on January 1, 2019. at $18.00 per share 220,000 shares of $120 par value, 8.00% cumulative preferred stock were authorized: 75,000 shares were issued on January 1, 2019. at $140 per share. Net income for the years ended December 31, 2019 and 2020 was $1.340,000 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 $1.490,000. 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 = 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 Liabilities Income Statement Revenues Assets Stockholders' Equity Net Income Expenses - 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 Liabilities Income Statement Revenues Assets + Stockholders' Equity Net Income Expenses

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