Help Save & EX Suben Check my work 73 Required information Problem 11-25A 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 authortzed the issuance of 100,000 shares of $10 par common stock and 50,000 shares of $50 par. 5 percent cumulative preferred stock Sun Corporation completed the following transactions during its first two years of operation: Year 1 Jan. 5 Sold 6,eee shares of the $10 par common stock for $15 per share 12 Sold 1,000 shares of the 5 percent preferred stock for $55 per share. Apr 5 Sold 30, eee shares of the $1e par common stock for $21 per share Dec. 31 During the year, earned $150,eee in cash revenue and paid $88,eee for cash operating expenses. 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividend wil1 be paid on February 15 to stockholders of record on January 10. Year 2 31 Closed the revenue, expense, and dividend accounts to the retained earnings account. Year 2 Teb. 15 Pald the cash dividend declared on December 1 Year 1. Sold 15,000 shares of these par preferred stock fur 55) per shart. Purchased 900 shares of the common stock as treasury stock at $24 per share, Dec 31 During the year, earned 3210,99 Incash revenues and pale $98.00 for Cashoraling expenses 31 Declared the annual divided on the preferred stock and a $0.se per share dividence the common stock. 1 Closed revenexpense, and dividendscounts the related earnings account Problem 11-25A Part a Renter 11:58 6/23/ Check my work Required information View transaction illet Journal entry worksheet 1 2 3 4 5 6 7 8 18 Sold 6,000 shares of the $10 par common stock for $15 per share. Note: Enter debits before credits General Journal Debit Credit Date Jan 05 Record entry Garanty View general journal Year 1 Cash Dividends Payable 11:58 6/23 Sand Help Save & Ext Sut Check my wor Required information Year 1 Cash Year 1 Dividends Payable Year 1 End. Bal End. Bal. Retained Earnings Year 1 Preferred Stock Year 1 End Bal End Bat Common Stock Paid in Capital in Excess of Par-Preferred Stock Ens Bal End Bal Paid-in Capital in Excess of ParCommon Stock Dividends Year 1 11:58 6/23/2 WOR Required information Tear End. Bal End. Bal Service Revenue Operating Expenses Year 1 Year 1 End. Bal End. Bal Year 2 Cash Dividends Payable Year 2 Beg Bal Year 2 Beg Bal End Bal End. Bal Retained Earnings Preferred Stook Beg Bal Beg Bat End Bal End B 11:59 PM 6/23/2020 gnment 3 Help Save & EXT Submit Check my work Required information Common Stock Year 2 Padin Capital in Excess of ParPreferred Stock Year 2 Beg. Bal Beg Bal End. Bal. End. Bal. Paid in Capital in Excess of Par-Common Stock Year 2 Dividends Beg. Bal Year 2 Beg. Bat. End. Bal End. Bal Treasury Stock (Common) Service Revenue Year 2 Year 2 Beg Bal Beg Bal End Bal End Bal Operating Expenses Year 2 Beg Ba Ens a 11:59 6/23/2
