Ch 8 prob 23 Sun Corporation received a charter that authorized the issuance of 87,000 shares of $7 par common stock and 20,000 shares of $75 par, 7 percent cumulative preferred stock Sun Corporation completed the following transactions during its first two years of operation 2018 Jan 5 Sold 13,050 shares of the $7 par common stock for $9 per share 12 Sold 2,000 shares of the 7 percent preferred stock for $85 per share Apr 5 Sold 17,400 shares of the $7 par common stock for $11 per share Dec 31 During the year, earned $316,400 in cash revenue and paid $243,200 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 2019 Feb 15 Paid the cash dividend declared on December 31, 2018 Mar 3 Sold 3,000 shares of the $75 par preferred stock for $95 per share May 5 Purchased 550 shares of the common stock as treasury stock at $14 per share Dec 31 During the year, earned $252,200 in cash revenues and paid $175,800 for cash operating expenses 31 Declared the annual dividend on the preferred stock and a $0 75 per share dividend on the common stock part A Already done Sun Corporation Accounting Equation Event AssestLiabilities Stockholders' Equity Paid in Paid in Capital in Capital in Treasury Dividends Preferred Common Cash Payable Accounts Titles for Retained Earnings Stock Stock Exce ss of Exce ss of Stock Earnings Preferred Stock Common Stock 2018 Jan 5 Jan 12 Apr 5 Dec 31 Dec 31 (243,200) Dec 31 Bal 091,350 26,100 117,4501 170,000 1914001 316 400 121,800 69,600 0316,400 Service revenue 0 r (243 200)Operating expenses 01 (10 500) Dividends 062,700 10,500 10,500 552,050 213,150 95,700 2019 Feb 15 Mar 3 May 5 Dec 31 Dec 31 Dec 31 Bal (10,500) 0 NA (10,500) , 285,000 (7,700) 252 2001 0225,000 60,000 7,700 0252,200 Service revenue 0 (175,800) Operating expenses 0 (48,675) Dividends 0 (175,800) 48,675 48 675 225,000 895 2501 213,150 60,000 95,700 7,700 90,425

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Ch 8. prob 23 Sun Corporation received a charter that authorized the issuance of 87,000 shares of $7 par common stock and 20,000 shares of

Ch 8. prob 23

Sun Corporation received a charter that authorized the issuance of 87,000 shares of $7 par common stock and 20,000 shares of $75 par, 7 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation:

2018

Jan.	5	Sold 13,050 shares of the $7 par common stock for $9 per share.
	12	Sold 2,000 shares of the 7 percent preferred stock for $85 per share.
Apr.	5	Sold 17,400 shares of the $7 par common stock for $11 per share.
Dec.	31	During the year, earned $316,400 in cash revenue and paid $243,200 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.

2019

Feb.	15	Paid the cash dividend declared on December 31, 2018.
Mar.	3	Sold 3,000 shares of the $75 par preferred stock for $95 per share.
May.	5	Purchased 550 shares of the common stock as treasury stock at $14 per share.
Dec.	31	During the year, earned $252,200 in cash revenues and paid $175,800 for cash operating expenses.
	31	Declared the annual dividend on the preferred stock and a $0.75 per share dividend on the common stock. part A. Already done

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Sun Corporation Accounting Equation Event AssestLiabilities Stockholders' Equity Paid-in Paid-in Capital in Capital in Treasury Dividends Preferred Common Cash |= Payable Accounts Titles for Retained Earnings Stock+ Stock +Exce ss of + Exce ss of Stock Earnings Preferred Stock Common Stock 2018 Jan.5 Jan.12 Apr.5 Dec.31 Dec.31 (243,200) Dec.31 Bal 091,350+ 26,100 117,4501 = 170,000 1914001 316.400- 121,800+ 69,600 0316,400 Service revenue 0-r (243.200)Operating expenses 01 + (10.500)[Dividends 062,700 10,500+ 10,500+ 552,050 213,150 + 95,700- 2019 Feb. 15 Mar.3 May.5 Dec.31 Dec.31 Dec.31 Bal (10,500)|+ 0 NA (10,500)|, 285,000 (7,700)- 252.2001 0225,000+ 60,000+ 7,700+ 0252,200 Service revenue 0 (175,800) Operating expenses 0| + (48,675)[Dividends 0 (175,800) 48,675+ 48.675 225,000 895.2501 213,150+ 60,000+ 95,700- 7,700 + 90,425