Required information The following information applies to the questions displayed below] Sun Corporation received a charter that authorized the issuance of 90,000 shares of $4 par common stock and 22.000 shares of $125 par, 8 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation Year 1 Dan. 5 Sold 13, 580 shares of the $4 par common stock for $6 per share. Apr. 5 Sold 18,000 shares of the $4 par common stock for $8 per share. 12 Sold 2,200 shares of the 8 percent preferred stock for $135 per share. Dec. 31 During the year, earned $317,300 in cash revenue and paid $241,200 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. 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 Dec. 31 During the year, earned $246,100 in cash revenues and paid $178,100 for cash operat Purchased 550 shares of the common stock as treasury stock at $8 per share. annusl dividend on the preferred stock and a $0.50 per share dividend on the common s tock. 31 closed revenue, expense, and dividend accounts to the retained earnings account Required a. Prepare journal entries transaction/event, select "No journal entry required" in the first accoun answer to the nearest dollar amount. Select "12/31 cl." for all the closing entries.) for these transactions for Year 1 and Year 2 and post them to If no entry is required for a accounts. t field. Round your intermediate calculations and final 31 Closed revenue, expense, and dividend accounts to the retained earnings 8Eeut b. Prepare the balance sheets at December 31, Year 1 and Year 2. (Amounts to be deducted should be indicated with minus sign.) 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.) Shares of Common Stock Shares Shares d Ou Year 1 Totals Year 2 Totals c-2. Is any differences between issued and outstanding common shares for Year 1 and for Year 22 Issued common shares Outstanding common shares