Sun Corporation received a charter that authorized the issuance of 83,000 shares of $4 par common stock and 21,000 shares of $125 par, 6 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 Jan. 5 Sold 12,450 shares of the $4 par common stock for $6 per share. 12 Sold 2,100 shares of the 6 percent preferred stock for $135 per share. Apr. 5 Sold 16,600 shares of the $4 par common stock for $8 per share. Dec. 31 During the year, earned $318,200 in cash revenue and paid $243,000 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, 150 shares of the $125 par preferred stock for $145 per share. May. 5 Purchased 500 shares of the common stock as treasury stock at $8 per share. Dec. 31 During the year, earned $252,700 in cash revenues and paid $175,600 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a $0.75 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 + 0 0 01 + 0 = + + = = + + + + Year 2 Feb. 15 Mar. 3 May 5 Dec. 31 Dec. 31 Dec. 31 Bal. + + + + + + + + + + + + + + + + + + = + + + + + 0 = 0 + 0 0 + 0 + 0 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 0 0 Totals 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