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Required information [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: - 880,000 shares of no-par common stock were authorized; 140,000 shares were issued on January 1, 2022, at $20.00 per share. - 240,000 shares of $120 par vaiue, 9.50% cumulative, preferred stock were authorized; 75,000 shares were issued on January 1, 2022, at $140 per share. - Net income for the years ended December 31,2022 and 2023 was $1,430,000 and $2,570,000, respectively. - No dividends were declared or paid during 2022. However, on December 27, 2023, the board of directors of Homestead declared dividends of $1,610,000, 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. 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. 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. 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. Journal entry worksheet 3