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Sun Corporation received a charter that authorized the issuance of 103,000 shares of $6 par common stock and 19,000 shares of $125 par, 4 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1

Jan.		5		Sold 15,450 shares of the $6 par common stock for $8 per share.
		12		Sold 1,900 shares of the 4 percent preferred stock for $135 per share.
Apr.		5		Sold 20,600 shares of the $6 par common stock for $10 per share.
Dec.		31		During the year, earned $304,800 in cash revenue and paid $243,200 for cash operating expenses.
		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.
		31		Closed the revenue, expense, and dividend accounts to the retained earnings account.

Year 2

Feb.		15		Paid the cash dividend declared on December 31, Year 1.
Mar.		3		Sold 2,850 shares of the $125 par preferred stock for $145 per share.
May		5		Purchased 550 shares of the common stock as treasury stock at $12 per share.
Dec.		31		During the year, earned $249,200 in cash revenues and paid $179,300 for cash operating expenses.
		31		Declared the annual dividend on the preferred stock and a $0.50 per share dividend on the common stock.
		31		Closed revenue, expense, and dividend accounts to the retained earnings account.

a. Prepare journal entries for these transactions for Year 1 and Year 2 and post them to T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answer to the nearest dollar amount. Select "12/31 cl." for all the closing entries.)

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