Sun Corporation received a charter that authorized the issuance of 81,000 shares of $6 par common stock and 20,000 shares of $100 par, 8 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 Jan. 5 Sold 12,150 shares of the $6 par common stock for $8 per share 12 Sold 2,000 shares of the 8 percent preferred stock for $110 per share. Apr. 5 Sold 16,200 shares of the $6 par common stock for $10 per share. Dec. 31 During the year, earned $309,108 in cash revenue and paid $236,200 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 19, Year 2. Year 2 Feb. 15 Paid the cash dividend declared on December 31, Year 1. Mar. 3 Sold 3,000 shares of the $100 par preferred stock for $120 per share. May. 5 Purchased 400 shares of the common stock as treasury stock at $12 per share. Dec. 31 During the year, earned $251, ce in cash revenues and paid $178,589 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a $2.50 per share dividend on the common stock. Required a. Organize the transaction data in accounts under an accounting equation (Enter any decreases to account balances with a minus sign. Not all cells require Input.) SUN CORPORATION Accounting Equation Stockholders' Equity Assets = Liabilities Event No. Cash Dividends Payable Preferred Stock + Common Stock + Paid-in Capital in Excess of Par- Preferred Stock Paid-in Capital in Excess of Par- Common Stock Treasury Stock Retained Earnings Account Titles for Retained Earnings Year 1 Jan 5 + + + + + - - + + + + + + Jan. 12 Apr.5 Dec 31 = + + + + + + + + + + = + + + + Dec 31 Dec. 31 Bal. + + + + + + 0 + 0 + 0 + 0 + 0 01 + Year 2 + + + + + + Feb. 15 Mar 3 + + + + + + = + + + + + = + + + + May 5 Dec. 31 Dec.31 Dec.31 Bal. + + + + + + + + + = + 0 0 + + 0 0 + 0 Balance Sheet As of December 31, Year 1 Assets S 0 Total assets Liabilities 0 Total liabilities Stockholders' equity Total paid-in capital 0 Total stockholders' equity Total liabilities and stockholders' equity SUN CORPORATION Balance Sheet As of December 31. Year 2 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 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. Are there any differences between issued and outstanding common shares for Year 1 and Year 2? Issued common shares Outstanding common shares