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Sun Corporation received a charter that authorized the issuance of $97,000$ shares of $$7$ par common stock and $18,000$

shares of $$125$ par, $7$ percent cumulative preferred stock. Sun Corporation completed the following transactions during its

first two years of operation.

Year $1$

January $5$ Sold $14,550$ shares of the $$7$ par common stock for $$9$ per share.

January $12$ Sold $1,800$ shares of the $7$ percent preferred stock for $$135$ per share.

April $5$ Sold $19,400$ shares of the $$7$ par common stock for $$11$ per share.

December $31$ During the year, earned $$318,600$ in cash revenue and paid $$239,200$ 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 $2.$

December $31$ closed the revenue, expense, and dividend accounts to the retained earnings account.

Year $2$

February $15$ Paid the cash dividend declared on December $31,$ Year $1.$

March $3$ Sold $2,700$ shares of the $$125$ par preferred stock for $$145$ per share.

May $5$ Purchased $400$ shares of the common stock as treasury stock at $$14$ per share.

December $31$ During the year, earned $$249,600$ in cash revenues and paid $$175,500$ for cash operating expenses.

December $31$ Declared the annual dividend on the preferred stock and a $$0\mathrm{.}50$ per share dividend on the common

stock.

December $31$ closed revenue, expense, and dividend accounts to the retained earnings account.

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 $2?$

c$-2.$ Is there a difference between issued and outstanding common shares for Year $1?$ For Year $2?$

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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 $2?($Amounts to be deducted should be indicated with minus sign.$)$Sun Corporation received a charter that authorized the issuance of $97,000$ shares of $$7$ par common stock and $18,000$ shares of $$125$ par, $7$ percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation.