Required information 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 received a charter that authorized the issuance of 101,000 shares of $7 par common stock and 19,000 shares of $75 par, 7 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 January 5 Sold 15,150 shares of the $7 par common stock for $9 per share. January 12 Sold 1,900 shares of the 7 percent preferred stock for $85 per share. April 5 Sold 20,200 shares of the $7 par common stock for $11 per share. December 31 During the year, earned $310,800 in cash revenue and paid $242,000 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 December 31, Year 1. March 3 Sold 2,850 shares of the \$75 par preferred stock for \$95 per share. May 5 Purchased 500 shares of the common stock as treasury stock at $14 per share. December 31 During the year, earned $247,100 in cash revenues and paid $179,700 for cash operating expenses. December 31 Declared the annual dividend on the preferred stock and a $0.25 per share dividend on the common stock. required 1. Organize the transaction data in accounts under an accounting equation. Jote: Enter any decreases to account balances with a minus sign. Not all cells require input. ng equation. sign. Not all cells require input