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Sun Corporation received a charter that authorized the issuance of 100,000 shares of $10 par common stock and 50,000 shares of $50 par, 5 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation:.
Year 1
Jan. 5 Sold 6,000 shares of the $10 par Wommon stock for $15 per share.
12 Sold 1,000 shares of the 5 percent preferred stock for $55 per share.
Apr. 5 Sold 30,000 shares of the $10 par common stock for $21 per share.
Dec. 31 During the year, earned $150,000 in cash revenue and paid $88,000 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.
Year 2
Feb. 15 Paid the cash dividend declared on December 31, Year 1.
Mar. 3 Sold 15,000 shares of the $50 par preferred stock for $53 per share.
May 5 Purchased 900 shares of the common stock as treasury stock at $24 per share.
Dec. 31 During the year, earned $210,000 in cash revenues and paid $98,000 for cash operating expenses.
31 Declared the annual dividend on the preferred stock and a $0.50 per share dividend on the common stock.
Prepare the balance sheets at December 31 Year 1 and Year 2. (Amounts to be deducted should be indicated with minus sian.

Cardinal company is considering a project that would require a $2,725,000 investment in equipment with a useful life of five years. at the end of five years, the project would terminate and the equipment would be sold for its salvage value of $400,000. the company’s discount rate is 14%. the project would provide net operating income each year as follows: sales $2,867,000 variable expenses 1,125,000 contribution margin 1,742,000 fixed expenses: advertising, salaries, and other fixed out-of-pocket costs $706,000 depreciation 465,000 total fixed expenses 1,171,000 net operating income $571,000 1. which item(s) in the income statement shown above will not affect cash flows? (you may select more than one answer. single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. any boxes left with a question mark will be automatically graded as incorrect.) (a)sales (b)variable expenses (c) advertising, salaries, and other fixed out-of-pocket costs expenses (d) depreciation expense 2. what are the project’s annual net cash inflows? 3.what is the present value of the project’s annual net cash inflows? (use the appropriate table to determine the discount factor(s) and final answer to the nearest dollar amount.) 4.what is the present value of the equipment’s salvage value at the end of five years? (use the appropriate table to determine the discount factor(s) and final answer to the nearest dollar amount.) 5.what is the project’s net present value? (use the appropriate table to determine the discount factor(s) and final answer to the nearest dollar amount.)