Sun Corporation received a charter that authorized the issuance of 119,000 shares of $7 par common stock and 18,000 shares of $125 par, 8 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 January 5 January 12 April 5 Sold 17,850 shares of the $7 par common stock for $9 per share. Sold 1,800 shares of the 8 percent preferred stock for $135 per share. Sold 23,800 shares of the $7 par common stock for $11 per share. December 31 During the year, earned $317,500 in cash revenue and paid $240,000 for cash operating expenses. December 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 February 15 Paid the cash dividend declared on December 31, Year 1. March 3, May 5 Sold 2,700 shares of the $125 par preferred stock for $145 per share. Purchased 500 shares of the common stock as treasury stock at $14 per share.. December 31 During the year, earned $252,800 in cash revenues and paid $179,900 for cash operating. expenses. December 31 Declared the annual dividend on the preferred stock and a $0.25 per share dividend on the common stock.