Declared the annual dividend on the preferred stock and a $0.50 per share dividend on the common stock. Record the transaction. Note: Enter debits before credits. Sun Corporation recelved a charter that authorized the issuance of 90,000 shares of $7 par common stock and 21,000 shares of $125 par, 4 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 January 5 sold 13,500 ahares of the $7 par coemon stook for $9 per ahare. January 12 sold 2,200 mharen of the 4 percent preferred atoek for $135 per share. April 5 sold 18,000 aharea of the $7 par common stock for $11 per share. December 31 During the year, earned $303,700 in cash revence and paid $241,900 for cash operating expenses. December 31 Declared the cash dividend on the outatanding aharea of preterred atock for Year 1 . The dividend wili be paid on Februmry is to stoekholdera of reeord on Jansary 10, Year 2. December 31 closed the revenue, expenae, and dividend accounti to the retained earninga account. 3 aeparate entries) Year 2 Yebruary 15 Paid the caah dividend declared on December 31, Year 1. Mareh 3 Sold 3,150 thares of the $125 par preferred atoek for 8145 per ahare. May 5 purchased 500 shares of the common atock an treanury stock at $14 per ahare. December 31 buring the year, earned 5246,300 in canh revenses and paid 5177,300 for casb operating expenaes. December 31 Declared the annual dividend on the preferred atook and a 50.50 per whare dividend on the common stock. December 31 cloned reverien