Required information

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Sun Corporation received a charter that authorized the issuance of 111,000 shares of $6 par common stock and 18,000 shares of $75 par, 8 percent preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1

Jan.		5		Sold 16,650 shares of the $6 par common stock for $8 per share.
		12		Sold 1,800 shares of the 8 percent preferred stock for $85 per share.
Apr.		5		Sold 22,200 shares of the $6 par common stock for $10 per share.
Dec.		31		During the year, earned $316,300 in cash revenue and paid $240,900 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 2,700 shares of the $75 par preferred stock for $95 per share.
May		5		Purchased 500 shares of the common stock as treasury stock at $12 per share.
Dec.		31		During the year, earned $246,500 in cash revenues and paid $172,800 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.

SUN CORPORATION
Balance Sheet
As of December 31, Year 1
Assets
Cash
Total assets
Liabilities
Dividends payable
Total liabilities
Stockholders equity
Preferred stock
Common stock
Paid-in capital in excess of parpreferred stock
Paid-in capital in excess of parcommon stock
Total paid-in capital
Retained earnings
Total stockholders equity
Total liabilities and stockholders equity

SUN CORPORATION
Balance Sheet
As of December 31, Year 2
Assets
Cash
Total assets
Liabilities
Dividends payable
Total liabilities
Stockholders equity
Preferred stock
Common stock
Paid-in capital in excess of parpreferred stock
Paid-in capital in excess of parcommon stock
Total paid-in capital
Retained earnings
Less: Treasury stock (Common)
Total stockholders equity
Total liabilities and stockholders equity

b. 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 Issued	Shares Outstanding
Year 1
Jan. 5
Apr. 5
Totals
Year 2
May 5
Totals