Problem 11-25A (Algo) 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 106,000 shares of $5 par common stock and 20,000 shares of $125 par, 5 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 January 5 Sold 15,900 shares of the $5 par common stock for $7 per share. January 12 Sold 2,000 shares of the 5 percent preferred stock for $135 per share. April 5 sold 21,200 shares of the $5 par common stock for $9 per share. December 31 During the year, earned $301,600 in cash revenue and paid $237,300 for cash operating expenses. Decenber 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. December 31 closed the revenue, expense, and dividend accounts to the retained earnings account. Year 2 February 15 Paid the cash dividend declared on Decenter 31 , Year 1. March 3 Sold 3,000 shares of the $125 par preferred stock for $145 per share. May 5 Purchased 450 shares of the comnon stock as treasury stock at $10 per share. December 31 During the year, earned $250,600 in cash revenues and paid $179,500 for cash operating expenses. Decenber 31 Declared the annual dividend on the preferred stock and a $0.25 per share dividend on the common stock. December 31 closed revenue, expense, and dividend accounts to the retained earnings account. Problem 11-25A (Algo) Part a Required a. Prepare journal entries for these transactions for Year 1 and Year 2 and post them to T-accounts. Prepare journal entries for these transactions for Year 1 and Year 2. (If no entry is required for a transaction/event, select "No jo entry required" in the first account field.)