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Required Information Problem 11-26A (Algo) Recording and reporting stock transactions and cash dividends across two accounting cycles LO 11-3, 11-6 [The following information applies to the questions displayed below.] Sun Corporation received a charter that authorized the issuance of 85,000 shares of $6 par common stock and 22.000 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 12,750 shares of the $6 par common stock for $8 per share. 12 Sold 2, 200 shares of the 4 percent preferred stock for $11e per share. Apr. 5 Sold 17,980 shares of the $6 par common stock for $10 per share. Dec. 31 During the year, earned $311,908 in cash revenue and paid $238,400 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 18, Year 2. Year 2 Feb. 15 Paid the cash dividend declared on December 31, Year 1. Mar. 3 Sold 3,300 shares of the $100 par preferred stock for $120 per share. May. 5 Purchased 500 shares of the common stock as treasury stock at $12 per share. Dec. 31 During the year, earned $248, 498 in cash revenues and paid $175,000 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a $8.50 per share dividend on the common stock. Problem 11-26A (Algo) Part 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 22 (Amounts to be deducted should be Indicated with minus slgn.) Schedule of Number of Shares of Common Stock Shares Shares Issued Outstanding Year 1 Jan. 5 12.750 Apr. 5 17.000 Totals 29.750 Year 2 Mar. 3 May 5 Totals (500) (500) 29.750 c-2. Are there any differences between issued and outstanding common shares for Year 1 and Year 2? No Issued common shares Outstanding common shares Yes Required Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Co. for Year 1. (Hint: Some of the items will not appear on either statement, and ending retained earnings must be calculated.) Salaries expense Common stock Notes receivable (short term) Allowance for doubtful accounts Accumulated depreciation Notes payable (long term) Salvage value of building Interest payable (short term) Uncollectible accounts expense Supplies Equipment Interest revenue Sales revenue Dividends Warranty expense Interest receivable (short term) $122,880 Beginning retained earnings 110,eee Warranties payable (short term) 32,5ee Gain on sale of equipment 19, eee Operating expenses 66,Bee Cash flow from investing activities 160,eee Prepaid rent 21,eee Land 6,eee Cash 45,eee Inventory 6,580 Accounts payable 243, eee Interest expense 6,280 Salaries payable 940, eee Unearned revenue 2e,eee Cost of goods sold 9,280 Accounts receivable 3,6e0 Depreciation expense $ 61,100 6,5ee 19,00 65,000 116,00 38,000 95,000 41,we 101,080 55,00 36,000 68,000 47,080 595,000 108,00 3,00 Complete this question by entering your answers in the tabs below. Income Balance Sheet Statement Prepare a multistep income statement for Eller Equipment Co. for Year 1. (Amounts to be deducted should be indicated with a minus sign.) ELLER EQUIPMENT CO. Income Statement For the Year Ending December 31, Year 1 Sales revenue 940,000 Cost of goods sold 595,000 345,000 s S Operating expenses Salaries payable Depreciation expense Warranty expense Uncollectible accounts expense 122.000 3,000 9.200 45,000 65.000 36,000 Other operating expenses Interest expense Total operating expenses Operating income Non-operating items Interest revenue Gain on sale of equipment (280,200) 64,800 S 6.200 19.000 Total non-operating items Net income 25,200 90,000 Income Statement Balance Sheet Prepare a classified Balance sheet for Eller Equipment Co. for Year 1. (Amounts to be deducted should be indicated with a minus sign.) ELLER EQUIPMENT CO. Balance Sheet As of December 31, Year 1 Assets Cash S 41,000 S 108,000 (19,000) Accounts receivable Less: Allowance for doubtful accounts Interest receivable Notes receivable Supplies Merchandise inventory Prepaid rent 89,000 3,600 32,500 6,500 101,000 38,000 S 311,800 177,000 95,000 272.000 583.600 S Total current assets Property, plant and equipment Equipment S 243,000 Less: Accumulated depreciation (66,000) Land Total property, plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Salaries payable Interest payable Unearned revenue Warranties payable S 55.000 68,000 6.000 47,000 6,500 Total current liabilities 182.500 Long-term liabilities Notes payable S 160,000 160.000 342.500 Total long-term liabilities Total liabilities Stockholders' equity Common stock Retained earnings S 110.000 131,100 Total stockholders' equity Total liabilities and stockholders' equity 241.100 583.600 S