4 10 points eBook Print Problem 8-23A (Algo) Recording and reporting stock transactions and cash dividends across two accounting cycles LO 8-3, 8-4, 8-5, 8-6 Sun Corporation received a charter that authorized the issuance of 114,000 shares of $3 par common stock and 20,000 shares of $100 par, 4 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1 Jan. 5 Sold 17,100 shares of the $3 par common stock for $5 per share. 12 Sold 2,000 shares of the 4 percent preferred stock for $110 per share. Apr. 5 Sold 22,800 shares of the $3 par common stock for $7 per share. Dec. 31 During the year, earned $314,800 in cash revenue and paid $244,500 for cash operating expenses. 31 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 References Feb. 15 Paid the cash dividend declared on December 31, Year 1. Mar. 3 Sold 3,000 shares of the $100 par preferred stock for $120 per share. May 5 Purchased 450 shares of the common stock as treasury stock at $6 per share. Dec. 31 During the year, earned $251,900 in cash revenues and paid $175,600 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a $0.25 per share dividend on the common stock. Required a. Organize the transaction data in accounts under an accounting equation. Complete this question by entering your answers in the tabs below. Required A Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If there is an effect to Retained ea the account title. Leave the cell blank if there is no effect.) 10 4 Check Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If there is an effect to R the account title. Leave the cell blank if there is no effect.) Event Assest Liabilities + points eBook SUN CORPORATION Accounting Equation Stockholders' Equity Paid-in Capital in Cash Dividends Payable Preferred Stock Common Stock Excess of + Preferred Paid-in Capital in Excess of Common Treasury Stock Retained Earnings Account Titles for Retained Earnings Stock Stock Year 1 Print Jan.5 + + + + Jan.12 + + + + + References Apr.5 + + + + + Dec.31 + + + + + Dec.31 + + + + + Dec.31 Bal. + + + + + + + + + + Year 2 Feb.15 + + + + Mar.3 + + + + + May 5 = + + + + + Dec.31 + + + + + Dec.31 + + + + + Dec.31 + + + + + Bal. + + + + + < Required A next