Sun Corporation received a charter that authorized the issuance of 115,000 shares of $8 par common stock and 22,000 shares of $100 par, 4 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation.

Problem 11-26A (Algo) Recording and reporting stock transactions and cash dividends across two accounting cycles LO 11-3, 11-6 [The following information applies to the questions displayed below.] Sun Corporation received a charter that authorized the issuance of 115,000 shares of $8 par common stock and 22,000 shares of $100 par, 4 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 January 5 Sold 17,250 shares of the $8 par common stock for $10 per share. January 12 Sold 2,200 shares of the 4 percent preferred stock for \$110 per April 5 Sold 23,000 shares of the $8 par common stock for $12 per share. December 31 During the year, earned $316,900 in cash revenue and paid $236,400 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 Sold 3,300 shares of the $100 par preferred stock for $120 per share. May 5 Purchased 600 shares of the common stock as treasury stock at $16 per share. December 31 During the year, earned $253,600 in cash revenues and paid $174,800 for cash operating expenses. December 31 Declared the annual dividend on the preferred stock and a $0.50 per share dividend on the common stock. 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? Note: Amounts to be deducted should be indicated with minus sign. c-2. Are there any differences between issued and outstanding common shares for Year 1 and Year 2