Sun Corporation received a charter that authorized the issuance of 97,000 shares of $6 par common stock and 19,000 shares of $75 par, 6 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 Jan. 5 sold 14,550 shares of the $6 par common stock for $8 per share. 12 Sold 1,90e shares of the 6 percent preferred stock for $85 per share. Apr. 5 Sold 19,400 shares of the $6 par common stock for $1e per share. Dec. 31 During the year, earned $315,660 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 wi11 be paid on February 15 to stockholders of record on January 18, Year 2. Year 2 Feb.15 Paid the cash dividend declared on December 31, Year 1. Mar. 3 Sold 2,850 shares of the $75 par preferred stock for $95 per share. May. 5 Purchased 550 shares of the common stock as treasury stock at $12 per ahare. Dec. 31 During the year, earned $253,660 in cash revenues and paid $174,400 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a $0.25 per share dividend on the conmon: stock