Please help? Explanations to get through it would be much appreciated as well.

Thank you!

Sun Corporation received a charter that authorized the issuance of 99,000 shares of $6 par common stock and 19,000 shares of $125 par, 8 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1 Jan. 5 Sold 14,850 shares of the $6 par common stock for $8 per share. 12 Sold 1,900 shares of the 8 percent preferred stock for $135 per share. Apr. 5 Sold 19,800 shares of the $6 par common stock for $10 per share. Dec.31 During the year, earned $318,900 in cash revenue and paid $242,100 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 $125 par preferred stock for $145 per share. May 5 Purchased 500 shares of the common stock as treasury stock at $12 per share. Dec.31 During the year, earned $251,100 in cash revenues and paid $179,200 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a $0.50 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. Year 1 0 + o + 89, 100+ 01 + 29,700 0 + 0 Jan.5 Jan. 12 0 + 237,500 + 0 + 19,000 + 0 0 + 0 118,800 = 256,500 198,000 = 318,900 = (242,100) 01 + 0 + 118,800 + 0+ Apr.5 Dec.31 79,200 O + 0 + 0 + O1+ 0 Dec.31 = 0 + + 0 + 01 + 0 0 + 0 01 + 318,900 Service revenue 0 + (242,100) Operating expenses 01 + (19,000) Dividends 0 + 57,800 Dec.31 01 = 0 + 01 +7 0 19,000 + 19,000 + 0 + 207,900 + Bal. 650,100 = 237,500 + 19,000 + 108,900 Year 2 Feb. 15 Il (19,000) + 0+ 0 + 01 + 0 0 + 0 OO Mar.3 01 + 356,250 + 0 + 57,000 + 0 + 0 (19,000) 413,250 (6,000) 251,100 = 0 + 0 + 0 + 01 + 0 May 5 Dec.31 Dec.31 01 + 0 + 0 + 01 + 0 01 = (36,787) + 0 + 0+ 01 + O o 6,000 + 0 0 + 251,100 Service revenue 0 + 17,575 Dividends 0 + (179,200) Operating expenses 6,000 + 147,275 Dec.31 + ol + 0 + 01 + 0 (179,200) = 1,110,250 Bal. (36,787) + 593,750 + 207,900 + 76,000 + 108,900 Prepare the stockholders' equity section of the balance sheet at December 31, Year 1. SUN CORPORATION Balance Sheet (Partial) As of December 31, Year 1 Stockholders' equity Common stock $ 108,900 Preferred stock Paid-in capital in excess of parcommon stock Paid-in capital in excess of parpreferred stock 237,500 108,000 454,400 Total paid-in capital Retained earnings Total stockholders' equity $ 454,400 SUN CORPORATION Balance Sheet As of December 31, Year 2 Assets Total assets $ 0 Liabilities Total liabilities $ 0 Stockholders' equity Sun Corporation received a charter that authorized the issuance of 99,000 shares of $6 par common stock and 19,000 shares of $125 par, 8 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1 Jan. 5 Sold 14,850 shares of the $6 par common stock for $8 per share. 12 Sold 1,900 shares of the 8 percent preferred stock for $135 per share. Apr. 5 Sold 19,800 shares of the $6 par common stock for $10 per share. Dec.31 During the year, earned $318,900 in cash revenue and paid $242,100 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 $125 par preferred stock for $145 per share. May 5 Purchased 500 shares of the common stock as treasury stock at $12 per share. Dec.31 During the year, earned $251,100 in cash revenues and paid $179,200 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a $0.50 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. Year 1 0 + o + 89, 100+ 01 + 29,700 0 + 0 Jan.5 Jan. 12 0 + 237,500 + 0 + 19,000 + 0 0 + 0 118,800 = 256,500 198,000 = 318,900 = (242,100) 01 + 0 + 118,800 + 0+ Apr.5 Dec.31 79,200 O + 0 + 0 + O1+ 0 Dec.31 = 0 + + 0 + 01 + 0 0 + 0 01 + 318,900 Service revenue 0 + (242,100) Operating expenses 01 + (19,000) Dividends 0 + 57,800 Dec.31 01 = 0 + 01 +7 0 19,000 + 19,000 + 0 + 207,900 + Bal. 650,100 = 237,500 + 19,000 + 108,900 Year 2 Feb. 15 Il (19,000) + 0+ 0 + 01 + 0 0 + 0 OO Mar.3 01 + 356,250 + 0 + 57,000 + 0 + 0 (19,000) 413,250 (6,000) 251,100 = 0 + 0 + 0 + 01 + 0 May 5 Dec.31 Dec.31 01 + 0 + 0 + 01 + 0 01 = (36,787) + 0 + 0+ 01 + O o 6,000 + 0 0 + 251,100 Service revenue 0 + 17,575 Dividends 0 + (179,200) Operating expenses 6,000 + 147,275 Dec.31 + ol + 0 + 01 + 0 (179,200) = 1,110,250 Bal. (36,787) + 593,750 + 207,900 + 76,000 + 108,900 Prepare the stockholders' equity section of the balance sheet at December 31, Year 1. SUN CORPORATION Balance Sheet (Partial) As of December 31, Year 1 Stockholders' equity Common stock $ 108,900 Preferred stock Paid-in capital in excess of parcommon stock Paid-in capital in excess of parpreferred stock 237,500 108,000 454,400 Total paid-in capital Retained earnings Total stockholders' equity $ 454,400 SUN CORPORATION Balance Sheet As of December 31, Year 2 Assets Total assets $ 0 Liabilities Total liabilities $ 0 Stockholders' equity