IThe following information applies to the questions displayed below,] Sun Corporation received a charter that authorized the issuance of 88,000 shares of $7 par common stock and 19,000 shares of $125 par, 4 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: 5 Sold 13,200 shares of the $7 par common stock for $9 per share. 12 Sold 1,900 shares of the 4 percent preferred stock for $135 per share. Jan. Apr. 5 Sold 17,600 shares of the $7 par common stock for $11 per share Dec. 31 During the year, earned $312.700 in cash revenue and paid $243,700 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares of preferred stock for 2016. The dividend will be paid on February 15 to stockholders of record on January 10, 2017. 31 Closed the revenue, expense, and dividend accounts to the retained earnings account. Feb. 15 Paid the cash dividend declared on December 31, 2016 Mar. 3 Sold 2.850 shares of the $125 par preferred stock for $145 per share. May 5 Purchased 500 shares of the common stock as treasury stock at $14 per share. Dec. 31 During the year, earned $253,300 in cash revenues and paid $170,300 for cash operating expenses 31 Declared the annual dividend on the preferred stock and a $0.50 per share dividend on the common stock. 31 Closed revenue, expense, and dividend accounts to the retained earnings account