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Sun Corporation received a charter that authorized the issuance of 108,000 shares of $4 par common stock and 21,000 shares of $100 par, 7 percent cumulative preferred stock. Sun Corporation completed the 7 following transactions during its first two years of operation: Year 1 Jan. 5 Sold 16,200 shares of the $4 par common stock for $6 per share. 12 Sold 2,100 shares of the 7 percent preferred stock for $110 per share. Apr. 5 Sold 21,600 shares of the $4 par common stock for $8 per share. Dec.31 During the year, earned $313,500 in cash revenue and paid $236,800 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 3, 150 shares of the $100 par preferred stock for $120 per share. May 5 Purchased 550 shares of the common stock as treasury stock at $8 per share. Dec.31 During the year, earned $247,600 in cash revenues and paid $172,400 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. Complete this question by entering your answers in the tabs below. Required A Required B Required C Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If there is an effect to Retained earnings, the account title. Leave the cell blank if there is no effect.) SUN CORPORATION Accounting Equation Stockholders' Equity Event Assest = Liabilities + 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 + + + + Event Assest = Liabilities + Stockholders' Equity 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. + + + + + Year 2 Feb. 15 + + + + Mar. 3 + + + + + May 5 + + + + + Dec.31 + + + + + Dec. 31 + + + + + Dec.31 + + + + + Bal. + + + + + Required A Required B Required C 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 Total paid-in capital 0 Total stockholders' equity $