Required information Problem 11-25A (Static) 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 100,000 shares of $10 par common stock and 50,000 shares of $50 par, 5 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 January 5 sold 6,000 shares of the $10 par cothon stoek for $15 per share. January 12 sold 1,000 ahares of the 5 percent preferred stoek for $55 per ahare. Aprit 5 sold 30,000 nharee of the $10 par eonmon stoek for 521 per share. Decenber 31 buring the year, earned $150,000 in cash revenue and paid $80,000 for cash operating expenses. Decesber 31 Declared the eash dividend on the outstanding shares of preferred atook tor Year 1. The dividend will be paid on February 15 to stoekholders of record on Jasuary 10, Year 2 . Decenberi 31 elosed the revenue, expense, and dividend aceounts to the retalned earninga account. Year 2 February Paid the canh dividend declared on Decenber 31 , Yoar 1 . Mareh 3 sold 15,000 sharea of the $50 par preferred stock for $53 per share. May 5 Purchased 900 shares of the conmon stoek as treasury stock at $24 per share. December During the year, warned $210,000 in cash revenues and paid $98,000 for cash operating expenses. 31 Decenber Declared the annual dividend on the preferred stock and a $0,50 per share dividend on the coanon 31 stock. December closed revenue, expense, and dividend accounts to the retained earnings account. 31 Required a. Prepare journal entries for these transactions for Year 1 and Year 2 and post them to T-accounts. Complete this question by entering your answers in the tabs below. Prepare journal entries for these transactions for Year 1 and Year 2 . (If no entry is required for a transaction/event, select "No journal entry required" in the first account fieid.) Complete this question by entering your answers in the tabs below. Post the entries to T-accounts Year 1. (Select "12/31 cl." for all the closing entries.) \& General Journal T Accounts Year 2> Complete this question by entering your answers in the tabs below. Post the entries to T-accounts Year 2. (Select "12/31 cl." for all the closing entries.) Prev