Altuve Co. was incorporated on January 1, 2022, at which time 250,000 shares of $1 par value common stock were authorized, and 110,000 of these shares were issued for $17 per share. Net income for the year ended December 31, 2022, was  $1,500,000. Altuve Co.’s board of directors declared dividends of $3 per share of common stock on December 31, 2022, payable on January 24, 2023.

Required:
Use the horizontal model (or write the entry) to show the effects of:
a. The issuance of common stock on January 1, 2022.
b. The declaration of dividends on December 31, 2022.
c. The payment of dividends on January 24, 2023.