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Problem 8-23 Recording and reporting stock transactions and cash dividends across two accounting cycles LO 8-3, 8-4, 8-5, 8-6

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Sun Corporation received a charter that authorized the issuance of 88,000 shares of $4 par common stock and 20,000 shares of $100 par, 7 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation:

2018

Jan.	5		Sold 13,200 shares of the $4 par common stock for $6 per share.
	12		Sold 2,000 shares of the 7 percent preferred stock for $110 per share.
Apr.	5		Sold 17,600 shares of the $4 par common stock for $8 per share.
Dec.	31		During the year, earned $316,800 in cash revenue and paid $244,000 for cash operating expenses.
	31		Declared the cash dividend on the outstanding shares of preferred stock for 2018. The dividend will be paid on February 15 to stockholders of record on January 10, 2019.

2019

Feb.	15		Paid the cash dividend declared on December 31, 2018.
Mar.	3		Sold 3,000 shares of the $100 par preferred stock for $120 per share.
May.	5		Purchased 400 shares of the common stock as treasury stock at $8 per share.
Dec.	31		During the year, earned $250,400 in cash revenues and paid $177,300 for cash operating expenses.
	31		Declared the annual dividend on the preferred stock and a $0.25 per share dividend on the common stock.

a) Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. Indicating to provide separate effect on accounting equation for Revenue, Operating expense, and "NA" for no effect.)

2. Prepare the stockholders equity section of the balance sheet at December 31, 2018.

Prepare the balance sheets at December 31, 2019. (Negative amount should be indicated by a minus sign.)

Sun Corporation Accounting Equation Stockholders' Equity Event Assest = Liabilities Cash Dividends Payable Preferred Stock Common Stock Paid-in Paid-in Capital in Capital in + Excess of + Excess of Preferred Common Stock Stock Treasury Stock + Retained Accounts Titles for Earnings Retained Earnings 2018 Jan.5 + Jan. 12 + + + Apr.5 + + + + Dec. 31 + Dec. 31 + + + + Dec. 31 + + + + Bal. 0 = 0 + 0 + 0 + 0 + 0 0 + 0 2019 Feb. 15 + Mar.3 + + + + + May 5 Dec. 31 Dec. 31 + + + + + + Dec. 31 + + Bal. 0 = 0 + 0+ 0 + 0 + 0 0 + 0 SUN CORPORATION December 31, 2018 Stockholders' equity Total paid-in capital 0 Total stockholders' equity $ 0 SUN CORPORATION Balance Sheet As of December 31, 2019 Assets $ 0 Total assets Liabilities $ $ 0 Total liabilities Stockholders' equity Total paid-in capital 0 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 Sun Corporation Accounting Equation Stockholders' Equity Event Assest = Liabilities Cash Dividends Payable Preferred Stock Common Stock Paid-in Paid-in Capital in Capital in + Excess of + Excess of Preferred Common Stock Stock Treasury Stock + Retained Accounts Titles for Earnings Retained Earnings 2018 Jan.5 + Jan. 12 + + + Apr.5 + + + + Dec. 31 + Dec. 31 + + + + Dec. 31 + + + + Bal. 0 = 0 + 0 + 0 + 0 + 0 0 + 0 2019 Feb. 15 + Mar.3 + + + + + May 5 Dec. 31 Dec. 31 + + + + + + Dec. 31 + + Bal. 0 = 0 + 0+ 0 + 0 + 0 0 + 0 SUN CORPORATION December 31, 2018 Stockholders' equity Total paid-in capital 0 Total stockholders' equity $ 0 SUN CORPORATION Balance Sheet As of December 31, 2019 Assets $ 0 Total assets Liabilities $ $ 0 Total liabilities Stockholders' equity Total paid-in capital 0 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0