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Sun Corporation received a charter that authorized the issuance of 90,000 shares of $7 par common stock and 19,000 shares of $100 par, 7 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1 Jan. 5 Sold 13,500 shares of the $7 par common stock for $9 per share. 12 Sold 1,900 shares of the 7 percent preferred stock for $110 per share. Apr. 5 Sold 18,000 shares of the $7 par common stock for $11 per share. Dec.31 During the year, earned $305,400 in cash revenue and paid $236,100 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 2,850 shares of the $100 par preferred stock for $120 per share. May 5 Purchased 400 shares of the common stock as treasury stock at $14 per share. Dec.31 During the year, earned $251,700 in cash revenues and paid $173,100 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a $0.25 per share dividend on the common stock. Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare the stockholders' equity section of the balance sheet at December 31, Year 1. c. Prepare the balance sheet at December 31, Year 2. the account lille. Leave the cell Dlank" there is no elect) Event Assest Liabilities + SUN CORPORATION Accounting Equation Stockholders' Equity Paid-in Paid in Capital Capital in in Excess Excess of of Preferred Common Stock Stock Common Cash Dividends Payable Preferred Stock + + Treasury Stock + Stock Retained Earnings Account Titles for Retained Earnings = 0 + + 0 + 0 + 0 0 0 + 0 0 + 190,000 0 + + Year 1 Jan.5 Jan. 12 Apr.5 Dec. 31 Dec. 31 Dec. 31 0 27,000 0 72,000 + 19,000+ 0 0 + + + 0+ 121,500 209,000 = 198,000 = 305,400 (236,100) = ( 0 597,800 OOOOOO OOOOOO = ****** 0 + + 94,500 0 126,000+ 0 0+ 0 0+ 220,500 0 + + OOOOO 0 + + 0 0 + 0 0 0 305,400 Service revenue (236,100) Operating expenses (11,400) X Dividends 57,900 = 0 + 0+ 0 + 0- 0+ = 0 0 11,400 X + 11,400 + 0+ 19,000 0+ 0 Bal. = 190.000 + + + 99,000 + 0 0 + 0 + + 0 (11,400) + 0 + 0 0 0 = 285,000 0 + 0 0- 0 0 57,000+ 0 + 0 + 0 + 0 0+ + 5,600 + Year 2 Feb. 15 Mar 3 May 5 Dec. 31 Dec 31 Dec 31 Bal (11,400) = 342,000 (5,600) = 251,700 = (173,100) = 0 OOOOOO 0 + 0 + 0 0 + 0+ 0 0 0 + 0+ 0 0 251,700 Service revenue (173,100) Operating expenses (36,275) Dividends 100,225 0 + + 0 + 0 0 0 + = + 0 + 0 + 0 0 + 36,275 X 36,275 0 475,000 1,001,400 = + 220,500 + 76,000 + 99,000 5,600 + Required A Required B Required C Prepare the stockholders' equity section of the balance sheet at Decer SUN CORPORATION Balance Sheet (Partial) As of December 31, Year 1 Stockholders' equity Common stock Preferred stock Paid-in capital in excess of par-common stock Paid-in capital in excess of parpreferred stock $ 220,500 190,000 99,000 19,000 0 528,500 Total paid-in capital Retained earnings Total stockholders' equity 57,900 X 586,400 $ Required A Required B Required C Prepare the balance sheet at December 31, Year 2. (Negative amount should be indicate SUN CORPORATION Balance Sheet As of December 31, Year 2 Assets Cash $ 1,001,400 $ 1,001,400 Total assets Liabilities Dividend payable $ 36,275 X $ 36,275 Total liabilities Stockholders' equity Common stock Preferred stock Paid-in capital in excess of parcommon stock Paid-in capital in excess of par-preferred stock 220,500 475,000 99,000 76,000 Total paid-in capital Retained earnings Less: Treasury stock (Common) Total stockholders' equity Total liabilities and stockholders' equity 870,500 100,225 X (5,600) 965,125 1,001,400 $