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Sun Corporation received a charter that authorized the issuance of 113,000 shares of $5 par common stock and 19,000 shares of $75 par, 7 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation Year 1 San. 5 Sold 16,958 shares of the 5 par common stock for 57 per share. 12 Sold 1.900 shares of the 7 percent preferred stock for as per share. Apr. 5 Sold 22.600 shares of the 55 per common stock for 59 per share. Dec.31 During the year, earned $307,100 in cash revenue and paid $235,500 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 Sold 2,650 shares of the $75 par preferred stock for $95 per share May 5 Purchased 450 shares of the common stock as treasury stack at $10 per share Dec.31 During the year, earned $250,400 in cash revenues and paid $171,600 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and 50.25 per share dividend on the common stock. Required 6. 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 Complete this question by entering your answers in the tabs below. Required A Required Required SUN CORPORATION Accounting Equation Stockholders' Equity Event Assent Llabilities Cash Dividends Payable Preferred Stock Common Stock Paid in Capital in Excess of Preferred Stock Paid in Capital in Excess of Common Stock Treasury Stock Retained Earnings Account Titles for Retained Earnings Year 1 Jan 5 Jan 12 Apr 5 Dec 31 Dec 31 Dec 31 Bal 0 0 Year 2 Feb 15 Mar 3 May 5 Dec 31 Dec 31 Dec 31 Bal D SUN CORPORATION Balance Sheet (Partial) As of December 31, Year 1 Stockholders' equity Total paid-in capital 0 Total stockholders' equity $ 0 SUN CORPORATION Balance Sheet As of December 31, Year 2 Assets $ TA Total assets Liabilities Cash $ 0 Total liabilities Stockholders' equity Cash Common stock Total paid-in capital 0

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