[The following information applies to the questions displayed below.] Sun Corporation received a charter that authorized...

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[The following information applies to the questions displayed below.] Sun Corporation received a charter that authorized the issuance of 119,000 shares of $3 par common stock and 19,000 shares of $125 par, 8 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 January 5 January 12 April 5 Sold 17,850 shares of the $3 par common stock for $5 per share. Sold 1,900 shares of the 8 percent preferred stock for $135 per share. Sold 23,800 shares of the $3 par common stock for $7 per share. December 31 December 31 During the year, earned $313,900 in cash revenue and paid $243,600 for cash operating expenses. Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record on January 10, Year 2. Year 2 February 15 Paid the cash dividend declared on December 31, Year 1. March 3 May 5 December 31 December 31 Sold 2,850 shares of the $125 par preferred stock for $145 per share. Purchased 550 shares of the common stock as treasury stock at $6 per share. During the year, earned $250,800 in cash revenues and paid $177,100 for cash operating expenses. Declared the annual dividend on the preferred stock and a $0.50 per share dividend on the common stock. Problem 11-26A (Algo) Part c c-1. What is the number of common shares outstanding at the end of Year 1? At the end of Year 2? How many common shares had been issued at the end of Year 1? At the end of Year 2? Note: Amounts to be deducted should be indicated with minus sign. Year 1 April 5 January 5 Totals Year 2 May 5 Totals Schedule of Number of Shares of Common Stock Shares Issued Shares Outstanding 0 0 0 0 [The following information applies to the questions displayed below.] Sun Corporation received a charter that authorized the issuance of 119,000 shares of $3 par common stock and 19,000 shares of $125 par, 8 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 January 5 January 12 April 5 Sold 17,850 shares of the $3 par common stock for $5 per share. Sold 1,900 shares of the 8 percent preferred stock for $135 per share. Sold 23,800 shares of the $3 par common stock for $7 per share. December 31 December 31 During the year, earned $313,900 in cash revenue and paid $243,600 for cash operating expenses. Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record on January 10, Year 2. Year 2 February 15 Paid the cash dividend declared on December 31, Year 1. March 3 May 5 December 31 December 31 Sold 2,850 shares of the $125 par preferred stock for $145 per share. Purchased 550 shares of the common stock as treasury stock at $6 per share. During the year, earned $250,800 in cash revenues and paid $177,100 for cash operating expenses. Declared the annual dividend on the preferred stock and a $0.50 per share dividend on the common stock. Problem 11-26A (Algo) Part c c-1. What is the number of common shares outstanding at the end of Year 1? At the end of Year 2? How many common shares had been issued at the end of Year 1? At the end of Year 2? Note: Amounts to be deducted should be indicated with minus sign. Year 1 April 5 January 5 Totals Year 2 May 5 Totals Schedule of Number of Shares of Common Stock Shares Issued Shares Outstanding 0 0 0 0