cycles LUS, 11 The following information applies to the questions displayed below.) Sun Corporation received a charter that authorized the issuance of 108,000 shares of $5 par common stock and 20,000 shares of $125 par 7 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation Year 1 Jan. 3 Sold 16,200 ahases of the 55 per common ateck for 57 pes share. 12 Sold 2,000 shares of the 7 percent preferred stock tes $135 per share. 3 zi, 60 $par pes share. Dec. 3. Dering the year, earned $306,300 in C revenue and paid $239,190 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares of praterred stock tor Year 1. the dividend vall be paid on February 15 to stockholders at record an easy 10, Yess 2. 33 Cloned the revenue, expans, and divided accounts to the retained earnings account. Year 2 Tab. 13 Paid the cash dividend declared on December 31, Yeur 1. Har. Sold 3, ahaas of the $125 par pratarred abock for $145 perahuse. Purchased 500 shares of the stock as tres y atack at $10 per share Dec. 31 During the year, earned $251,400 in cash revenues and paid $176, 406 for cash operating expenses. 31 Declared the annual dividend on the preferred wtock and $0.25 per share divided on the common ateck. 31 Cload eremue, expense, and dividend accounts to the retained earnings account. Problem 11-25A Part a Required a. Prepare journal entries for these transactions for Year 1 and Year 2 and post them to accounts. If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your intermediate calculations and final answer to the nearest dollar amount. Select *12/31 cl." for all the closing entries.) View transaction Journal entry worksheet 2 18 > Sold 16,200 shares of the $5 par common stock for $7 per share. $ Note: Enter debits before credits General Journal Date Jan 05 Debit Credit Record entry Clear entry View general journal Year 1 Cash Dividends Payable Year 1 Year 1 1 End Bal End. Bal Retained Earnings Preferred Stock Year 1 Year 1 End. Bal End. Bal Common Stock Paid-in Capital in Excess of Par-Preferred Stock Year 1 Year 1 End. Bal End. Bal Dividends Paid-in Capital in Excess of Pas-Common Stock Year 1 1 Year 1 End. Bal End. Bal Service Revenue Operating Expenses Year 1 Year 1 End. Bal End Bal Year 2 Dividends Payable Year 2 Beg Bal Year 2 Beg Bal End. Bal End. Bal Retained Earnings Preferred Stock Year 2 Beg Bal Year 2 Beg Bal End. Bal End. Bal Common Stock Year 2 Beg Bal Paid-in Capital in Excess of Par-Preferred Stock Year 2 Beg Bal End Bal End Bar Dividends Paid-in Capital in Excess of Par-Common Stock Year 2 Beg Bal Year 2 Beg Bal End. Bal End. Bal Treasury Stock (Common) Service Revenue Year 2 Beg Bal Year 2 Beg Bal End. Bal End. Bal Operating Expenses Year 2 Beg Bal End. Bal