Required information [The following information applies to the questions displayed below.] Sun Corporation received a charter that authorized the issuance of 99,000 shares of $8 par common stock and 18,000 shares of $100 par, 7 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: 2018 Jan. 5 Sold 14,850 shares of the $8 par common stock for $10 per share.. 12 Sold 1,800 shares of the 7 percent preferred stock for $110 per share. Apr. 5 Sold 19,800 shares of the $8 par common stock for $12 per share. Dec. 31 During the year, earned $308,800 in cash revenue and paid $237,400 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares of preferred stock for 2018. The dividend will be paid on February 15 to stockholders of record on January 10, 2019. 2019 Feb. 15 Paid the cash dividend declared on December 31, 2018. Mar. 3 Sold 2,700 shares of the $100 par preferred stock for $120 per share. May. 5 Purchased $50 shares of the common stock as treasury stock at $16 per share. Dec. 31 During the year, earned $254,300 in cash revenues and paid $174,200 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a $0.50 per share I dividend on the common stock.