b) Prepare the balance sheets at december 31 3018 and 2019.

c) What is the number of common shares outstanding at the end of 2018? At the end of 2019? How many common shares had been issued at the end of 2018? Explain any differences between issued and outdtanding common shares for 2018 and 2019.

art 1 of 3 Required information (The following information applies to the questions displayed below.) Sun Corporation received a charter that authorized the issuance of 112,000 shares of $7 par common stock and 18,000 shares of $100 par, 5 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: ints eBook Print 2018 Jan. 5 sold 16,800 shares of the $7 par common stock for $9 per share. 12 Sold 1,800 shares of the 5 percent preferred stock for $110 per share. Apr. 5 Sold 22,400 shares of the $7 par common stock for $11 per share. Dec. 31 During the year, earned $311,100 in cash revenue and paid $238, 300 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares of preferred stock for 2018. The dividend will be paid on February 15 to stockholders of record on January 10, 2019. ferences 2019 Feb. 15 Paid the cash dividend declared on December 31, 2018. Mar. 3 Sold 2,700 shares of the $100 par preferred stock for $120 per share. May. 5 Purchased 500 shares of the common stock as treasury stock at $14 per share. Dec. 31 During the year, earned $245,600 in cash revenues and paid $175,700 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a $0.75 per share dividend on the common stock. Required