Prepare journal entries for transactions i the first image. And also answer to b and c-1c-2 in the second and third image.

The following information applies to the questions displayed below] Sun Corporation received a charter that authorized the issuance of 115,000 shares of $6 par common stock and 18,000 shares of $75 par, 6 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: 2016 5 Sold 17,250 shares of the $6 par common stock for $8 per share. 12 Sold 1,800 shares of the 6 percent preferred stock for $85 per share Jan. Apr. 5 Sold 23,000 shares of the $6 par common stock for $10 per share. Dec. 31 During the year, earned $318,300 in cash revenue and paid $239,500 for cash operating expenses 31 Declared the cash dividend on the outstanding shares of preferred stock for 2016. The dividend will be paid on February 15 to stockholders of record on January 10, 2017. 31 Closed the revenue, expense, and dividend accounts to the retained earnings account. 2017 Feb. 15 Paid the cash dividend declared on December 31, 2016. Mar. 3 Sold 2,700 shares of the $75 par preferred stock for $95 per share. May 5 Purchased 500 shares of the common stock as treasury stock at $12 per share. Dec. 31 During the year, earned $254,800 in cash revenues and paid $170,600 for cash operating expenses 31 Declared the annual dividend on the preferred stock and a $0.75 per share dividend on the common stock. 31 Closed revenue, expense, and dividend accounts to the retained earnings account