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The following information applies to the questions displayed below) Sun Corporation received a charter that authorized the issuance of 80,000 shares of $7 par common stock and 19,000 shares of $100 par, 5 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 Jan. 5 Bold 12,000 shares of the 7 par eormon stoek for par ahare. 12 Bold 1,900 sharen of the 5 pereent preferred atoek for 110 per share. Apr. 5 Bold 16,000 whares of the $7 par common stock for $11 per share. Dec. 31 During the year, earned 5312, 500 in eash revenue and paid $234,100 tor eash operating expenaen. 31 Deelared the canh dividend on the outatanding aharen of preferred atock for Year The dividend will be paid on February 15 to stockholders of record on January 10, Year 2. Year 2 Peb. 15 Paid the eash dividend deelared an Decenber 31, Year Mar. 3 Bold 2, a50 shares of the $100 par preferred stock for $120 per share. May. S Purehased 500 sharen of the common tock as treanury tock 14 per hare. Dee.31 During the year, earned $250, 100 in cash revenues and paid 0172,200 for eanh operating expensen. 31 Declared the annual dividend on the preferred stock and a 0.50 per ahare dividend on the comnon

The following information applies to the questions displayed below) Sun Corporation received a charter that authorized the issuance of 80,000 shares of $7 par common stock and 19,000 shares of $100 par, 5 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 Jan. 5 Bold 12,000 shares of the 7 par eormon stoek for par ahare. 12 Bold 1,900 sharen of the 5 pereent preferred atoek for 110 per share. Apr. 5 Bold 16,000 whares of the $7 par common stock for $11 per share. Dec. 31 During the year, earned 5312, 500 in eash revenue and paid $234,100 tor eash operating expenaen. 31 Deelared the canh dividend on the outatanding aharen of preferred atock for Year The dividend will be paid on February 15 to stockholders of record on January 10, Year 2. Year 2 Peb. 15 Paid the eash dividend deelared an Decenber 31, Year Mar. 3 Bold 2, a50 shares of the $100 par preferred stock for $120 per share. May. S Purehased 500 sharen of the common tock as treanury tock 14 per hare. Dee.31 During the year, earned $250, 100 in cash revenues and paid 0172,200 for eanh operating expensen. 31 Declared the annual dividend on the preferred stock and a 0.50 per ahare dividend on the comnon

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter13: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...
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Required information The following information applies to the questions displayed below.) Sun Corporation received a charter that authorized the issuance of 80,000 shares of $7 par common stock and 19,000 shares of $100 par, 5 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 Jan. 5 Bold 12,000 whares of the $7 par common atock for $9 par share. 12 Bold 1,900 sharen of the 5 perceat preferred stoek for $110 per share. Apr. 5 Bold 16,000 uhares of the $7 par common stock for $11 per share. Dec.31 During the year, earned 5312, 500 in cash revenun and paid $236,100 for cash opersting expenann. 31 Declared the canh đividend on the outatanding aharea of preferred atock tor Year 1. the dividend will be paid on February 15 to atoekholders of record on January 10, Year 2. Year 2 Feb.15 Paid the cash dividend declared on December 31, Year 1. Mar. 3 Sold 2, 850 shares of the $100 par preferred stoek for $120 per share. May. 5 Purehased 500 sharen of the common tock an treanury stock 14 per ahare. Dee.31 During the year, earned $250, 100 in cash revenues and paid 0172,200 for canh operating expensen. 31 Declared the annual dividend on the preferred stock and a 00.50 per ahare dividend on the common
Transcribed Image Text:Required information The following information applies to the questions displayed below.) Sun Corporation received a charter that authorized the issuance of 80,000 shares of $7 par common stock and 19,000 shares of $100 par, 5 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 Jan. 5 Bold 12,000 whares of the $7 par common atock for $9 par share. 12 Bold 1,900 sharen of the 5 perceat preferred stoek for $110 per share. Apr. 5 Bold 16,000 uhares of the $7 par common stock for $11 per share. Dec.31 During the year, earned 5312, 500 in cash revenun and paid $236,100 for cash opersting expenann. 31 Declared the canh đividend on the outatanding aharea of preferred atock tor Year 1. the dividend will be paid on February 15 to atoekholders of record on January 10, Year 2. Year 2 Feb.15 Paid the cash dividend declared on December 31, Year 1. Mar. 3 Sold 2, 850 shares of the $100 par preferred stoek for $120 per share. May. 5 Purehased 500 sharen of the common tock an treanury stock 14 per ahare. Dee.31 During the year, earned $250, 100 in cash revenues and paid 0172,200 for canh operating expensen. 31 Declared the annual dividend on the preferred stock and a 00.50 per ahare dividend on the common
c-1. What is the number of common shares outstanding at the end of Year 1? At the end of Year 27 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 Iasuod Shares Dutstanding Year 1 Totals Year 2 Totals c-2. Are there any differences between issued and outstanding common shares for Year 1 and Year 2? Issued common shares Outstanding common shares
Transcribed Image Text:c-1. What is the number of common shares outstanding at the end of Year 1? At the end of Year 27 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 Iasuod Shares Dutstanding Year 1 Totals Year 2 Totals c-2. Are there any differences between issued and outstanding common shares for Year 1 and Year 2? Issued common shares Outstanding common shares
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