oo.17.Subject :- Account ookintrencesSun Corporation received a charter that authorized the issuance of 90,000 shares of $7 par common stock and 21,000shares of $125 par, 4 percent cumulative preferred stock. Sun Corporation completed the following transactions during itsfirst two years of operation.Year 1January 5 Sold 13,500 shares of the $7 par common stock for $9 per share.January 12 Sold 2,100 shares of the 4 percent preferred stock for $135 per share.Sold 18,000 shares of the $7 par common stock for $11 per share.April 5December 31 During the year, earned $303,700 in cash revenue and paid $241,900 for cash operating expenses.December 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividendwill be paid on February 15 to stockholders of record on January 10, Year 2.December 31Closed the revenue, expense, and dividend accounts to the retained earnings account. (3 separateentries)Year 2February 15Paid the cash dividend declared on December 31, Year 1.March 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 $14 per share.December 31 During the year, earned $246,300 in cash revenues and paid $177,000 for cash operating expenses.Becember 31 Declared the annual dividend on the preferred stock and a $0.50 per share dividend on the commonDecember 31stock.closed revenue, expense, and dividend accounts to the retained earnings account. (3 separateentries) <entry7Declared the cash dividend on the outstanding shares of preferred stock forYear 1. The dividend will be paid on February 15 to stockholders of record onJanuary 10, Year 2. Record the transaction.Note: Enter debits before credits.DateDec 31DividendsRecord entry4General JournalDividends payableClear entry6.....Debit105,00018Credit105,000View general Journal

Name: oo.17.Subject :- Account ookintrencesSun Corporation received a charte
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Description: oo.17.Subject :- Account ookintrencesSun Corporation received a charter that authorized the issuance of 90,000 shares of $7 par common stock and 21,000shares of $125 par, 4 percent cumulative preferred stock. Sun Corporation completed the following t