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 $8 par common stock and 21,000 shares of $100 par, 4 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 Jn. 5 Sold 14,100 shares of the $8 par common stock for $10 per share. 12 Sold 2,100 shares of the 4 percent preferred stock for $110 per share. Apr. 5 Sold 18,800 shares of the $8 par common stock for $12 per share. Dec.31 During the year, carned $300,200 in cash revenue and paid $235,600 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. Year 2 Feb. 15 Paid the cash dividend declared on December 31, Year 1. Mar. 3 Sold 3, 150 abaren of the $100 par preferred stock for $120 per share. May. 5 Purchased 500 shares of the common stock as treasury stock at $16 per share. Dec.31 During the year, earned $245,200 in cash revenues and paid $174,400 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a $0.50 per share dividend on the common stock. Required information SUN CORPORATION Accounting Equation Stockholders' Equity Assets Liabilities LO Common Stock Pald-in Capital in Excess of Par. Preferred Stock Treasury Stock Retained Earnings Paid in Capital in Excess of Par. Common Stock Account Titles for Retained Earnings Dividends Payable Preferred Stock Cash 1410001 - . . 0 0. 0 0. 0. 141,000 . . . 0 0. 141,000 O 0 SUN CORPORATION Balance Sheet As of December 31, Year 1 Assets $ 0 Total assets Liabilities 0 Total liabilities Stockholders' equity Total paid-in capital 0 Total stockholders' equity Total liabilities and stockholders' equity 0 0 SUN CORPORATION Balance Sheet As of December 31, Year 2 Assets Total assets $ 0 Liabilities Total liabilities 0 0 Stockholders' equity Total paid-in capital 0 Total stockholders' equity Total liabilities and stockholders' equity 0 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 27 (Amounts to be deducted should be indicated with minus sign.) Schedule of Number of Shares of Common Stock Shares Shares Issued Outstanding Year 1 0 0 Totals Year 2 Totals 0 c-2. Are there any differences between issued and outstanding common shares for Year 1 and Year 2? Issued common shares Outstanding common shares