Q5 Required information [The following information applies to the questions displayed below.] Homestead Oil Corp. was in

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Q5 Required Information The Following Information Applies To The Questions Displayed Below Homestead Oil Corp Was In 1 (60.93 KiB) Viewed 32 times

Q5 Required Information The Following Information Applies To The Questions Displayed Below Homestead Oil Corp Was In 2 (37.4 KiB) Viewed 32 times

Q5 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: • 800,000 shares of no-par common stock were authorized; 150,000 shares were issued on January 1, 2019, at $38 per share. • 200,000 shares of $100 par value, 6.5% cumulative, preferred stock were authorized; 90,000 shares were issued on January 1, 2019, at $122 per share. Net income for the years ended December 31, 2019 and 2020 was $2,600,000 and $5,600,000, respectively. • No dividends were declared or paid during 2019. However, on December 28, 2020, the board of directors of Homestead declared dividends of $3,600,000, 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.)

S 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: .800,000 shares of no-par common stock were authorized; 150,000 shares were issued on January 1, 2019, at $38 per share. • 200,000 shares of $100 par value, 6.5% cumulative, preferred stock were authorized: 90,000 shares were issued on January 1, 2019, at $122 per share. .Net income for the years ended December 31, 2019 and 2020 was $2,600,000 and $5,600,000, respectively • No dividends were declared or paid during 2019, However, on December 28, 2020, the board of directors of Homestead declared dividends of $3,600,000, 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.) Cash Cash Cash Assets Balance Sheet Liabilities Stockholders' Equity Common stock +Preferred stock . Cash Common stock Net Income Reven