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question 12
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Required information Problem 11-26A (Algo) Recording and reporting stock transactions and cash dividends across two accounting cycles LO 11-3, 11-6 [The following information applles to the questions displayed below.] Sun Corporation recelved a charter that authorized the issuance of 84,000 shares of $6 par common stock and 21,000 shares of $100 par, 6 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 January 5 Sold 12,680 shares of the $6 par common stock for $8 per share. January 12 Sold 2,10e shares of the 6 percent preferred stock for $110 per share. April 5 Sold 16,800 shares of the $6 par common stock for $10 per share. Decenber 31 During the year, earned $303,700 in cash revenue and paid $243,000 for cash operating expenses. December 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1 . The dividend will be paid on February 15 to stockholders of record on January 10, Year 2. Year 2 February 15 Paid the cash dividend declared on Decenber 31, Year 1. March 3 Sold 3,150 shares of the $100 par preferced stock for $120 per share. May 5 Purchosed 550 shares of the coemon stock as treasury stock at $12 per share. Decenber 31 During the year, earned $250,000 in cash revenues and paid $173,100 for cash operating expenses. Decenber 31 Declared the annual dividend on the preferred stock and a $0.75 per share dividend on the conmon stock. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{4}{*}{ Event Number } & & & & & & & & SUN & EORPORATION & & & & & & & \multirow[b]{4}{*}{\begin{tabular}{l} Acceunt nites for \\ Retainfd Earning: \end{tabular}} \\ \hline & & & & & & & & & Inting Equation & & & & & & & \\ \hline & \multirow{2}{*}{\begin{tabular}{l} Assets \\ Cash \end{tabular}} & \multirow{2}{*}{. } & \multirow{2}{*}{\begin{tabular}{l} Linbitities \\ Dividends \\ Payable \end{tabular}} & \multicolumn{12}{|c|}{ Stockholders'Equity } & \\ \hline & & & & & \begin{tabular}{l} Preforted \\ Stock \end{tabular} & + & \begin{tabular}{l} Common \\ Stock \end{tabular} & & \begin{tabular}{l} Paid in Capital in \\ Excens of Par: \\ Protomed Steck \end{tabular} & - & \begin{tabular}{l} Palatin Capital in \\ Excess of Par: \\ Common Steck \end{tabular} & - & \begin{tabular}{c} Treasury \\ stock: \end{tabular} & & \begin{tabular}{l} Retained \\ Earnings \end{tabular} & \\ \hline Year 1 & & & & & & & & & & & & & & & & \\ \hline January 5 & & = & & * & & 1+ & & + & & + & & - & & 1. & & \\ \hline Jaruary 12 & & & & . & & . & & + & & . & & 1= & & + & & \\ \hline Apars & & = & & & & - & & & & + & & - & & + & & \\ \hline December 31 & & & & - & & . & & + & & + & & - & & - & & \\ \hline December 31 & & = & & . & & + & & + & & . & & 1 & & . & & \\ \hline Decenber 31 & & = & & - & & . & & * & & 1. & & 1 & & - & & \\ \hline Balance & 0 & * & 0 & + & 0 & + & & & 0 & & 0 & 1 & 0 & + & 0 & \\ \hline Year 2 & & & & & & & & & & & & 1 & & & & \\ \hline Fetriar is & & * & & + & & + & & & & + & & - & & . & & \\ \hline March 3 & & & & . & & + & 2 & - & & + & & - & & - & & \\ \hline May 5 & & = & & - & & - & & & & . & & - & & . & & \\ \hline December 31 & & & & - & & . & & & & - & & - & & - & & \\ \hline Oecenter 31 & & & & . & & - & & . & & 1. & & - & & . & & \\ \hline Decenter 31 & & & & + & & . & & * & & - & & - & & 1. & & \\ \hline Balancen & 0 & & 0 & 1. & 0 & . & 0 & . & 6 & . & 0 & - & 0 & 1+ & 0 & \\ \hline \end{tabular} c-1. What is the number of common shares outstanding at the end of Year 1? At the end of Year 2? How many common shares had been issued at the end of Year 1? At the end of Year 2 ? Note: Amounts to be deducted should be indicated with minus sign. c-2. Are there any differences between issued and outstanding common shares for Year 1 and Year 2
