Sun Corporation recelved a charter that authorized the issuance of 90,000 shares of $8 par common stock and 19.000 shares of $100 par, 6 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 January 5 Sold 13,500 shares of the $8 par connon stock for $10 per share. January 12 sotd 1,900 shares of the 6 percent preferred stock for $118 per share. Apri1 5 Sold 18,000 shares of the $8 par connon stock for $12 per share. Decenber 31 During the year, earned $313,800 in cash revenue and paid $242,200 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 dectared on Decenber 31, Year 1. March 3 Sold 2,850 shares of the $100 par preferred stock for \$120 per share. May 5 Purchased 400 shares of the common stock as treasury stock at $16 per share. December 31 During the year, earned $251,400 in cash revenues and paid $173,800 for cash operating expenses. December 31 Declared the annual dividend on the preferred stock and a $0.50 per share dividend on the comnon stock