Exercise $8$:$25$ Common and preferred stock$$issuances and dividends Homestead Oil Corp. was incorporated on January $1,2022,$ and issued the following stock for cash: $600,000$ shares of no$-$par common stock were authorized; $120,000$ shares were issued on January $1,2022,$ at $$26$ per share. $100,000$ shares of $$100$ par value, $5\mathrm{.}5\%$ cumulative, preferred stock were authorized; $70,000$ shares were issued on January $1,2022,$ at $$109$ per share. Net income for the years ended December $31,2022$ and $2023$ was $$2,100,000$ and $$4,700,000,$ respectively. No dividends were declared or paid during $2022.$ However, on December $27,2023,$ the board of directors of Homestead declared dividends of $$1,190,000,$ payable on February $11,2024,$ to holders of record as of January $16,2024.$ Required: a$.$ Use the horizontal model $($or write the entry$)$ to show the effects of: $1.$The issuance of common stock and preferred stock on January $1,2022.2.$ The declaration of dividends on December $27,2023.3.$ The payment of dividends on February $11,2024.$ b$.$ Of the total amount of dividends declared during $2023,$ how much will be received by preferred shareholders? $$