4 10 points eBook References 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 connon 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 connon stock for $7 per share. Dec. 31 During the year, earned $314,800 in cash revenue and paid $244,500 for cash operating expenses. Year 2 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. 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 connon 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 P the account title. Leave the cell blank if there is no effect.) Event Assest Liabilities points SUN CORPORATION Accounting Equation Stockholders' Equity eBook 10 Print Year 11 Jan.5 Jan.12 Apr.5 References Dec 31 Dec.311 Dec.31 Bal Year 2 Feb.15 Mar 3 May 5 Dec 31 Dec 31 Dec.31 Bal Cash Dividends Preferred Payable Stock Common Stock Paid-in Capital in Excess of Preferred Stock Paid-in Capital in Excess of Common Stock Treasury Stock Retained Earnings Account Titles for Retained Earnings 3 ints Problem 8-22A (Algo) Recording and reporting treasury stock transactions LO 8-4, 8-5 The following information pertains to Ming Corp. at January 1, Year 2: Common stock, $10 par, 46,000 shares authorized, 2,700 shares issued and outstanding $27,000 eBook Paid-in capital in excess of par, common stock Retained earnings 63,800 63,800 Print References Ming Corp. completed the following transactions during Year 2: 1. Issued 2,400 shares of $10 par common stock for $15 per share. 2. Repurchased 2,000 shares of its own common stock for $18 per share. 3. Resold 1,200 shares of treasury stock for $20 per share. 4. Earned $73,300 of cash revenue. 5. Paid $30,500 of cash operating expenses. Required Prepare the stockholders' equity section of the year-end balance sheet. Stockholders' Equity MING CORPORATION Balance Sheet (Partial) As of December 31, Year 2 Total paid-in capital $ 0 10 10 3 points eBook Print References Paid-in capital in excess of par, common stock Retained earnings 63,800 63,800 Ming Corp. completed the following transactions during Year 2: 1. Issued 2,400 shares of $10 par common stock for $15 per share. 2. Repurchased 2,000 shares of its own common stock for $18 per share. 3. Resold 1,200 shares of treasury stock for $20 per share. 4. Earned $73,300 of cash revenue. 5. Paid $30,500 of cash operating expenses. Required Prepare the stockholders' equity section of the year-end balance sheet. MING CORPORATION Balance Sheet (Partial) As of December 31, Year 2 Stockholders' Equity Total paid-in capital $ 0 Total stockholders' equity $ 0