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i need help finishing plz Required information Problem 11-25A (Static) Recording and reporting stock transactions and cash dividends across two accounting cycles LO 11-3, 11-6
i need help finishing plz
Required information Problem 11-25A (Static) 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 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 January is Sold 6,000 ahareil of the 510 par eaman stoek for $15 per share. Jamuary 12 Sold 1 , 000 aharea of the 5 pereent preferred stock for $55 per ahare. Aprit:-5 sold 30,000 sharen of the $10 par common atook for 521 per shace. Deceber 31 Declared the cash dividend on the outasabding aharea of preterred atock. for Year 1 . The dividend will be paid on rebruary 15 te atockholders of record on Jasuary 10 , Year 2 . December 32 closed the rewenue, oxpense, and dividend acoounta to the retained aarninga aceount. Year 2 rebruiry phid the eanh dividend dectared on Decenber 31 , Yeaf 1. 15 May 5 purchased 900 shares of the coman stock as treasury stoek at 124 , per share. is 31 rteek. Dec mber closed rovenoe, expenae, and dividend accounte to the retained eatsingh account. it Required information \begin{tabular}{|c|c|c|c|c|} \hline 7 & Dec 31 & Cash & 150,0000 & = \\ \hline & & Service revenue & & 150,000 \\ \hline \multirow[t]{3}{*}{8} & Dec 31 & Operating expenses & 88,0000 & \\ \hline & & Cash & & 88,0000 \\ \hline & & & & \\ \hline \multirow[t]{2}{*}{9} & Dec 31 & Retained earnings & 2,5000 & \\ \hline & & & & 2,5000 \\ \hline & & & = & \\ \hline \multirow[t]{3}{*}{10} & Feb 15 & Dividends payable & 2,5000 & 3 \\ \hline & & & & 2,5000 \\ \hline & & & & \\ \hline \multirow[t]{3}{*}{11} & Mar 03 & & 795,0000 & \\ \hline & & Paid-in capital in excess of par value-preferred stock & & 45,0000 \\ \hline & & Preferred stock & & 750,0000 \\ \hline & & & sin & \\ \hline \multirow[t]{3}{*}{12} & May 05 & Paid-in capital in excess of par value-common stock & 9,000 & 3 \\ \hline & & Common stock & 9,9008 & \\ \hline & & Cash & & 21,600 \\ \hline & & & 4 & \\ \hline \end{tabular} Prev 456 of 6 Next Required information TAccounts Year 1 Step by Step Solution
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