Problem 11-25A (Algo) Recording and reporting stock transactions and cash dhidends across two accounting cyck LO 11-3, 11-6 [The following information applles to the questions displaynd below.) Sun Comporation recelved a charter that authorized the issuance of 101,000 shares of $5 par common stock and 18,000 shares of $100 par, 8 perer cumulative preferred stock. Sun Corporation completed the following transactions diring its first fwo yoars of operation. Year 1 Jamuary 5 Sold 15,150 shares of the $5 par common stock for $7 per stuere. January 12 Sold 1,800 shares of the 8 percent preferred stock for $110 per share. Apri 5 Sold 20.200 shares of the $5 par common stock for $9 per share. December 31 During the year, eamed $309,400 in cash revemie and pald 3247,100 for cash operating expenses. December 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The diviolend will be paid on February 15 to stockholders of record on January to, Yeat 2. December 31 Closed the revenue, expense, and dividend accounts to the retained earnings accourt. Year 2 February 15 Paid the cash dividend declared on December 31, Year 1. March 3 Sold 2,700 shares of the $100 par preferred stock for $120 per share. May 5 Purchased 550 shares of the common stock as treasury stock at $10 per share. December 31. During the year, eamed $246,300 in cash revenues and paid $179,400 for cash operating expenses. December 31 Declared the annual dividend on the preferred stock and a $0.50 per share dividend on the common stock. December 31 Closed revenue, expense, and dividend accounts to the retained earnings accourt. References Section Break Problem 11-25A (Algo) Recording and reporting stock transactions and cash dividends across two accounting cycles LO 11-3, 11-6 Award: 3.33 points Problem 11-25A (Algo) Part a Required a. Prepare joumal entries for these transactions for Year 1 and Year 2 and post them to T-accounts