Required information [The following information applies to the questions displayed below.] Sun Corporation received a charter that authorized the issuance of 97,000 shares of $7 par common stock and 22,000 shares of $125 par, 4 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1 Jan. 5 Sold 14.550 shares of the $7 par common stock for $9 per share. 12 Sold 2. 200 shares of the 4 percent preferred stock for $135 per share. Apr. 5 Sold 19,400 shares of the $7 par common stock for $11 per share. Dec. 31 During the year, earned $307, 700 in cash revenue and paid $240.500 for cash operating expenses. 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. 31 Closed the revenue, expense, 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 3.300 shares of the $125 par preferred stock for $145 per share. May 5 Purchased 450 shares of the common stock as treasury stock at $14 per share. Dec. 31 During the year, earned $246, 000 in cash revenues and paid $178. 400 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a $0.50 per share dividend on the common stock. 31 Closed revenue, expense, and dividend accounts to the retained earnings account. Required a. 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.) Journal entry worksheet Sold 14,550 shares of the $7 par common stock for $9 per share. Note: Enter debits before credits. Date General Journal Debit Credit Jan 05 Record entry Clear entry View general journal Year 1 Cash Dividends Payable Year 1 Year 1 End. Bal. End. Bal. Retained Earnings Preferred Stock Year 1 Year 1 End. Bal. End. Bal. Common Stock Paid-in Capital in Excess of Par-Preferred Stock Year 1 Year 1 End. Bal. End. Bal. Dividends Paid-in Capital in Excess of ParCommon Stock Year 1 Year 1 End. Bal. End. Bal. Dividends Paid-in Capital in Excess of Par-Common Stock Year 2 Beg. Bal. Year 2 Beg. Bal. End. Bal. End. Bal. Treasury Stock (Common) Service Revenue Year 2 Year 2 Beg. Bal. Beg. Bal End. Bal. End. Bal. Operating Expenses Year 2 Beg. Bal. End. Bal. SUN CORPORATION Balance Sheet As of December 31, Year 2 Assets Total assets S 0 Liabilities Total liabilities 0 Stockholders' equity Total paid-in capital 0 0 Total stockholders' equity Total liabilities and stockholders' equity 0 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? (Amounts to be deducted should be indicated with minus sign.) Schedule of Number of Shares of Common Stock Shares Shares Issued Outstanding Year 1 Totals 0 0 Year 2 Totals 0 0 c-2. Is any differences between issued and outstanding common shares for Year 1 and for Year 2? Issued common shares Outstanding common shares Required information [The following information applies to the questions displayed below.] Sun Corporation received a charter that authorized the issuance of 97,000 shares of $7 par common stock and 22,000 shares of $125 par, 4 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1 Jan. 5 Sold 14.550 shares of the $7 par common stock for $9 per share. 12 Sold 2. 200 shares of the 4 percent preferred stock for $135 per share. Apr. 5 Sold 19,400 shares of the $7 par common stock for $11 per share. Dec. 31 During the year, earned $307, 700 in cash revenue and paid $240.500 for cash operating expenses. 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. 31 Closed the revenue, expense, 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 3.300 shares of the $125 par preferred stock for $145 per share. May 5 Purchased 450 shares of the common stock as treasury stock at $14 per share. Dec. 31 During the year, earned $246, 000 in cash revenues and paid $178. 400 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a $0.50 per share dividend on the common stock. 31 Closed revenue, expense, and dividend accounts to the retained earnings account. Required a. 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.) Journal entry worksheet Sold 14,550 shares of the $7 par common stock for $9 per share. Note: Enter debits before credits. Date General Journal Debit Credit Jan 05 Record entry Clear entry View general journal Year 1 Cash Dividends Payable Year 1 Year 1 End. Bal. End. Bal. Retained Earnings Preferred Stock Year 1 Year 1 End. Bal. End. Bal. Common Stock Paid-in Capital in Excess of Par-Preferred Stock Year 1 Year 1 End. Bal. End. Bal. Dividends Paid-in Capital in Excess of ParCommon Stock Year 1 Year 1 End. Bal. End. Bal. Dividends Paid-in Capital in Excess of Par-Common Stock Year 2 Beg. Bal. Year 2 Beg. Bal. End. Bal. End. Bal. Treasury Stock (Common) Service Revenue Year 2 Year 2 Beg. Bal. Beg. Bal End. Bal. End. Bal. Operating Expenses Year 2 Beg. Bal. End. Bal. SUN CORPORATION Balance Sheet As of December 31, Year 2 Assets Total assets S 0 Liabilities Total liabilities 0 Stockholders' equity Total paid-in capital 0 0 Total stockholders' equity Total liabilities and stockholders' equity 0 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? (Amounts to be deducted should be indicated with minus sign.) Schedule of Number of Shares of Common Stock Shares Shares Issued Outstanding Year 1 Totals 0 0 Year 2 Totals 0 0 c-2. Is any differences between issued and outstanding common shares for Year 1 and for Year 2? Issued common shares Outstanding common shares