Sun Corporation received a charter that authorized the issuance of 88,000 shares of $5 par common stock and 20,000 shares of $75 par, 5 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 Jan. 5 Sold 13,200 shares of the $5 par common stock for $7 per share. 12 Sold 2,000 shares of the 5 percent preferred stock for $85 per share. Apr. 5 Sold 17,600 shares of the $5 par common stock for $9 per share. Dec. 31 During the year, earned $313,500 in cash revenue and paid $239,600 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. Year 2 Feb. 15 Paid the cash dividend declared on December 31, Year 1. Mar. 3 Sold 3,000 shares of the $75 par preferred stock for $95 per share. May 5 Purchased 400 shares of the common stock as treasury stock at $10 per share. Dec. 31 During the year, earned $247,700 in cash revenues and paid $176,100 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a $0.75 per share dividend on the common stock.