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Sun Corporation received a charter that authorized the issuance of 103,000 shares of $6 par common stock and 18,000 shares of $100 par, 6 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation:

Year 1

Jan.	5		Sold 15,450 shares of the $6 par common stock for $8 per share.
	12		Sold 1,800 shares of the 6 percent preferred stock for $110 per share.
Apr.	5		Sold 20,600 shares of the $6 par common stock for $10 per share.
Dec.	31		During the year, earned $312,000 in cash revenue and paid $238,100 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 2,700 shares of the $100 par preferred stock for $120 per share.
May	5		Purchased 450 shares of the common stock as treasury stock at $12 per share.
Dec.	31		During the year, earned $248,800 in cash revenues and paid $170,000 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

1. Organize the transaction data in accounts under an accounting equation.
2. Prepare the stockholders equity section of the balance sheet at December 31, Year 1.
3. Prepare the balance sheet at December 31, Year 2.

Sun Corporation received a charter that authorized the issuance of 103,000 shares of $6 par common stock and 18,000 shares of $100 par, 6 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1 Jan. 5 sold 15,450 shares of the 56 par common stock for $8 per share. 12 Bold 1,800 abares of the percent preferred stock for $110 per share. Apr. 5 Bold 20,600 shares of the $6 par common stock for $10 per share. Dec.31 During the year, earned $312,000 in cash revenue and paid $230,200 for cash operating expenses. 31 Declared the cash dividend on the outstanding ahares of proferred stock for Your 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 Bold 2,700 shares of the $100 par preferred stock for $120 per share. May 5 Purchased 450 shares of the common stook as treasury stock at $12 per share. Doc. During the year, earned $249,900 in cash revenues and paid $170,000 for cash operating expenses. 01 Declared the ancon dividend on the preferred stock and a $0.50 por 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 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, indicate the account title. Leave the cell blank if there is no effect.) SUN CORPORATION Accounting Equation Event Assest Liabilities Stockholders' Equity Cash Dividende. Preferred Payable Stock Commen Stock Paldin Capital in Excess of Preferred Stock Pald-in Capital in Excess of Common Stock Treasury Stock Retained Earnings Account Titles for Retained Earinge Year 1 an 5 Jan.12 Apr 5 Dec 31 Dec 31 Dec 31 Bal 0 ol. Year 2 Feb 15 Mar 3 May 5 Dec 31 Dec 31 Dec 31 Bal Required > Sun Corporation received a charter that authorized the issuance of 103,000 shares of $6 par common stock and 18,000 shares of $100 par, 6 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1 Jan. 5 Sold 15,450 shares of the $6 par common stock for $8 per share. 12 Sold 1,800 shares of the 6 percent preferred stock for $110 per share. Apr. 5 Sold 20,600 shares of the $6 par common stock for $10 per share. Dec.31 During the year, earned $312,000 in cash revenue and paid $238,100 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 2,700 shares of the $100 par preferred stock for $120 per share. May 5 Purchased 450 shares of the common stock as treasury stock at $12 per share. Dec.31 During the year, carned $248,800 in cash revenues and paid $170,000 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. Complete this question by entering your answers in the tabs below. Required A Required B Required 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 Total stockholders' equity $ 0 Sun Corporation received a charter that authorized the issuance of 103,000 shares of $6 par common stock and 18,000 shares of $100 par, 6 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1 Jan. 5 sold 15,450 shares of the $6 par common stock for 58 per share. 12 Sold 1,800 shares of the 6 percent preferred stock for $110 per share. Apr. s Sold 20,600 shares of the S6 par common stock for $10 per share. Dec. Ji During the year, carned $312,000 in cash revenue and paid $238,100 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 Tebruary 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 2,700 shares of the $100 par preferred stock for 5120 per share. May 5 Purchased 450 shares of the common stock as treasury stoek at $12 per share Dec. 3. During the year, earned $248,800 in cash revenues and paid $170,000 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a 50.50 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. Complete this question by entering your answers in the tabs below. Required A Required B Required Prepare the balance sheet at December 31, Year 2. (Negative amount should be indicated by a minus sign.) SUN CORPORATION Balance Sheet As of December 31, Year 2 Assets $ Total assets Liabilities Total liabilities Stockholders' equity Total paid in capital 0 Total stockholders' equity Total liabilities and stockholders' equity $