Required Information The following information applies to the questions displayed below. Sun Corporation received a charter that authorized the issuance of 94.000 shares of $6 par common stock and 20,000 shares of $100 par 6 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation Year 1 Dan Sold 14,180 shares of the 36 par con stock for $8 per share 12 Sold 2,000 shares of the 6 percent preferred stock for $110 per share. Apr. Sold 18,800 shares of the 36 par canon stock for $10 per share. Dec. 31 During the year, earned $311,600 in cash revenue and paid $234,700 for cash operating expenses 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 4. The dividend will be paid on February 15 to stockholders of record on January 19, Year 2. 31 dlosed the revenus, expenses and dividend accounts to the retained earnings account. Year 2 Feb. 15 Paid the cash dividend declared on December 31, Year 1 Mar. 3 sold 3,800 shares of the 5100 par preferred stock for $320 per share. May 5 Purchased 450 shares of the common stoc treasury stock st512 per share. Dec. 31 During the year, earned $245, in casti revenues and paid $170,40 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a seis per share dividend on the common stock. 31 Closed revenue, expense, and divided accounts to the retained in account. Required 6. Prepare journal entries for these transactions for Year 1 and Year 2 and post them to T-accounts. If no entry is required for a transaction(event, select "No Journal entry required in the first account field. Round your intermediate calculations and final answer to the nearest dollar amount. Select "12/31 cl. for all the closing entries.) View transaction lit Journal entry worksheet 18 Sold 14.100 shares of the S6 per common stock fot sa per share. Nonte de ore Du Record entry Clearen Yeart Cash Dividends Payable Near 1 Year ang Bal End. Bal Retained Earnings Preferred Stock Year 1 End Bal End Bal Common Stock Paidin Capital in Excess of Pare-Preferred Stock Yeart Year 1 End Ball End Bal Dividends Paldiapital in Excess of Par Common Stock Year Year 1 End Bal End. Bal Service Raven Operating Expenses VENT Year 1 End Bal End Bal Year 2 Cash Dividers Payabia Year Begga Ver Beg Bal End. Bat End a Year 2 Cant Dividenda Payable Besar wear Bea End Bal End Bal Retained Earnings Preferred Stock Be Bal Yeat 2 Beg Bal En Bar End B Cominon Stock Year 2 Paid-in Capital in Excess of Pat-Preferred Stock Year 2 Boga Beg B End Bar End Dat Dividends Paid in Catalin Excess of Par-Common Stock Year 2 Beg Bal Year 2 Beg Bal End Bal End Bal Tomasury Stork (Common) Service Revenue Year 2 Beg Bat Year Beg End. But End Bal Operating Expenses Year 2 B. End B Required information b. Prepare the basic sheets December and Year 2 Amount to be deducted should be indicated with manusia) SUN CORPORATION Balance the Ato December 11 Assets catassels Tocales Stocders en Tetat paid in capital Tentockholders equity Tortables and stockholders'uty SON CORPORATION Lane Af December Year Tests Labs Tombes tooden and wooden equity Required information the rolowing informan parasto ma questions played below! Sun Corporation recorded a charter that authorized the issuance of 94.000 shares of $6 par common stock and 20.000 shares of $0 poco percent cumulative preferred stock Sur Corpora un completed the following transactions during its first two years of operation Year Sa 14.1 shares of the par store 12 Sold 2,000 shares of the 6 percent referred to si Soll 0 Shares of the part 10 Dec suring the year, and 1111,66 inch med 200 orating we 11 Declared the cash divided on the outstanding of prewe stock for a viviend will be on Teliruary 15 to stockholders of record on January 18, Year 2 31 Closed the revenue and dividend accounts to the arccount Year 2 Teo 11 Pald the dividend declared on Dec Year 1. Marasola), shares of the server Stock For Sper sur Hary Purchase se shares of the stock treasury stock at $12 per the During the year and $343. catheeves and paid 5170,400 for operating experts: Declare the lividend on the preferred to serre vondstock 1. cloned reviews and divided its to the retained warning account 1 What is the number of common shares outstanding at the end of Year At the end of Year 2? How many common chares had been issued at the end of Year At the end of Year 2. Amounts to be deducted should be indicated with trus sign) Lebedule of Number of RoCommon Shock hores Shares Isso Outstanding Total Year Tocals c-2. 15 any differences between cued and outstanding common shares for Yeart and for Year 22 Issador on shares Outstanding common shares