Problem 11-26A (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 recelved a charter that authorized the issuance of 90,000 shares of $8 par common stock and 19,000 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 13,500 shares of the $8 par common stock for $18 per share. January 12 Sold 1,900 shares of the 6 percent preferred stock for $110 per share. April 5 Sold 18,000 shares of the $8 par connon stock for $12 per share. Decenber 31 buring the year, earned $313,800 in cash revenue and paid $242,200 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 2,850 shares of the $100 par preferred stock for $120 per share. May 5 Purchased 400 shares of the connon stock as treasury stock at $16 per share. December 31 During the year, earned $251,400 in cash revenues and paid $173,800 for cash operating expenses. December 31 Declared the annual dividend on the preferred stock and a 50.50 per share dividend on the conmon stock. 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