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

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Problem 8-23A (Algo) Recording and reporting stock transactions and cash dividends across two accounting cycles LO 8-3, 8-4, 8-5, 8-6 Sun Corporation recelved a charter that authorized the issuance of 87,000 shares of $4 par common stock and 21,000 shares of $125 par, 7 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation Year 1 Jan. 5 Sold 13,050 shares of the $4 par coemon stock for $6 per share. 1250142,100 shares of the 7 percent preferred steck for $135 per sharn. Apr. 5 Sold 17,400 shares of the $4 par cotnce stock for $8 per share. Dec.31 During the year, earned $312,100 in cash revenue ant paid $237,900 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1 . The dividend uill be paid on February 15 to stockholders of recerd en Jarkary 10, Year 2. Year 2 Feb.15 Paid the cash dividend declared on Decruber 31, Year 1. Mar. 3503d3,150 shares of the $125 par preferred stock for \$145 per share. My 5 hurchaied 450 shares of the comon stock as treasury stock at 51 per share. Dec, 31 During the year, earned $253,200 in cash revenues and pald $171,000 for cash operating expenses. 31 Declared the aniual dividend on the preferred steck and a 50.75 per share dividend on the common stock. Required a. Organize the transaction dato in eccounts under an accounting equation. Complete this question by enterino your answers in the tobs below. Organize the tramsaction data in accounts under an accounting equation. (Enter any decreases to account batances with a minus sign. If there is an effect to Retained ear the account bile. (eawe the cell blank if there is no effect.) \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{17}{|c|}{ SUN CORPORATION } \\ \hline \multicolumn{17}{|c|}{ Accounting Equation } \\ \hline \multirow[t]{2}{*}{ Event } & Assest & = & Liabilities & + & \multicolumn{11}{|c|}{ Stockholders' Equity } & \multirow[b]{2}{*}{AccountTitlesforRetainedEamings} \\ \hline & Cash & = & DividendsPayable & + & PreferredStock & & CommonStock & + & Paid-inCapitalinExcessofPreferredStock & + & Paid-inCapitalinExcessofCommonStock & - & TreasuryStock & + & RetainedEarnings & \\ \hline \multicolumn{17}{|l|}{ Year 1} \\ \hline tan5 & & = & & + & & + & & + & & + & & - & & + & & \\ \hline Jan12 & & = & & + & & + & & + & & + & & - & & + & & \\ \hline Apr. 5 & & = & & + & . & + & & + & & + & & - & & + & & \\ \hline Dec. 31 & & = & & + & & + & & + & & + & & - & & + & & \\ \hline Dec: 31 & & = & & + & & + & & + & & + & & - & & + & & \\ \hline Dec31 & & = & & +7 & & + & & + & & + & & - & & + & & +1 \\ \hline Bal & 0 & = & 0 & + & 0 & + & 0 & + & 0 & + & 0 & - & 0 & + & 0 & \\ \hline \multicolumn{17}{|l|}{ Year 2} \\ \hline Feb 15 & & = & & + & & + & & + & & + & 4 & - & & + & & \\ \hline Mar 3 & & = & & + & & + & & + & & + & & - & & + & & \\ \hline May 5 & & = & & + & & + & & + & & + & & - & & + & & \\ \hline Dec31 & & = & & + & & + & & + & & + & & - & & + & & \\ \hline Dec31 & & = & & , & & + & & + & & + & & - & & + & & \\ \hline Dec 31 & & = & & + & & + & & + & & + & & - & & + & & \\ \hline Bal & 0 & = & 0 & + & 0 & + & 0 & + & 0 & + & 0 & - & 0 & + & 0 & \\ \hline \end{tabular}

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