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Please help!!! Required information (The following information applies to the questions displayed below.] Sun Corporation received a charter that authorized the issuance of 87,000 shares
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Required information (The following information applies to the questions displayed below.] Sun Corporation received a charter that authorized the issuance of 87,000 shares of $8 par common stock and 21,000 shares of $100 par, 5 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 $8 par common stock for $10 per share. 12 Sold 2,100 shares of the 5 percent preferred stock for $110 per share. Apr. 5 Sold 17,400 shares of the $8 par common stock for $12 per share. Dec.31 During the year, earned $312, 300 in cash revenue and paid $244,100 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 3,150 shares of the $100 par preferred stock for $120 per share. May. 5 Purchased 450 shares of the common stock as treasury stock at $16 per share. Dec.31 During the year, earned $246,900 in cash revenues and paid $177,300 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a $0.75 per share dividend on the common stock. Sun Corporation Accounting Equation Event Assest = Liabilities Stockholders' Equity Cash Dividends Payable + Preferred Stock Common Stock Paid-in Capital in + Excess of Preferred Stock Paid-in Capital in + Excess of Common Stock Treasury Stock Retained Earnings Accounts Titles for Retained Earnings 2018 Jan.5 0 + 0 104,400 + 01 + 0 + 0 Jan. 12 0 + 210,000+ 01 + + 0 0l + 0 Apr.5 130,500/= 231,000/= 208,800= 312,300/= (244,100) = 01 + 0 + + 01 + 01 + 0 Dec. 31 0+ 01 + 01 + 01 + 0 01 + Dec.31 0 + 01 +1 01 + 0 + 0 0 + Service revenue Operating expenses Dividends Dec.31 0] = 01 + 0 + 01 + 0 01 + Bal. 638,500 = 0 + 210,000 + 104,400 + 0+ 0 0 + 0 2019 Feb. 15 + + 0 + + 10 +10 0 + 10 0 Mar.3 + 0 0 + + + 0 + 10 0 + + May.5 + 10 + 10 0 + +10 0 + 0 Dec.31 + 10 +10 0 + + 10 0 01 + Dec.31 01 = + 10 0 + 0+ 0 01 + Operating expenses Dividends Service revenue Dec.31 = + + + 01 + 0+ 01 + 0 + 10 Bal. 638,500 210,000 + 104,400 + 0 + 0 0 + 0Step by Step Solution
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