Problem $8-23$A $($Algo$)$ Recording and reporting stock transactions and cash dividends across two accounting cycles LO $8-3,8-4,8-5,8-6$

Sun Corporation received a charter that authorized the issuance of $94,000$ shares of $$4$ par common stock and $20,000$ shares of $$100$ par, $5$ percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation:

Year $1$

Jan. $5$ Sold $14,100$ shares of the $$4$ par common stock for $$6$ per share.

$12$ Sold $2,000$ shares of the $5$ percent preferred stock for $$110$ per share.

Apr. $5$ Sold $18,800$ shares of the $$4$ par common stock for $$8$ per share.

Dec. $31$ During the year, earned $$307,700$ in cash revenue and paid $$239,200$ for cash operating expenses.

$31$ 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 $2.$