Mini$-$Exercise $8-2($Static$)$ Common stock$$issuance and dividend transactions LO $8-1,8-3$

Altuve Company 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 $$1,500,000.$ Altuve Company$$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 to show the effects of the issuance of common stock on January $1,2022.$ Indicate the financial statement effect.

Use the horizontal model to show the effects of the declaration of dividends on December $31,2022.$ Indicate the financial statement effect.

Use the horizontal model to show the effects of the payment of dividends on January $24,2023.$ Indicate the financial statement effect.

Record the journal entry for these transactions.