Required information [The following information applies to the questions displayed belowy Sun Corporation received a charter that authorized the issuance of 107.000 shares of $5 par common stock and 19,000 shares of $125 par. 7 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. 2018 Jan. 5 Sold 16,050 shares of the $5 par common stock for $7 per share. 12 Sold 1,900 shares of the 7 percent preferred stock for $135 per share. Apr. 5 Sold 21,400 shares of the $5 par common stock for $9 per share. Dec. 31 During the year, earned $318,300 in cash revenue and paid $240,400 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares of preferred stock for 2018. The dividend will be paid on February 15 to stockholders of record on January 10, 2019 2019 Feb. 15 Paid the cash dividend declared on December 31, 2018. Mar. 3 Sold 2,850 shares of the $125 par preferred stock for $145 per share. May. 5 Purchased 450 shares of the common stock as treasury stock at $10 per share. Dec. 31 During the year, earned $251,100 in cash revenues and paid $177,380 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 (Enter any decreases to account balances with a minus sign. Indicating to provide separate effect on accounting equation for Revenue. Operating expense, and leave the cell blank it there is no effect.) Sun Corporation Accounting Equation Stockholders Equity Event Assest = Liabilities Cash Dividends Payable Preferred Stock Common Stock Pald-in Capital in + Excess of Preferred Stock Paid in Capital in + Excess of Common Stock Treasury Stock Retained Earnings Accounts Titles for Retained Earnings 112 350 0+ 0+ 32 100 0 80.250 +1 ol 256 500 O + 237 500+ Ol+ 19.000 + ol 0 0 + 2018 Jan 5 Jan 12 Apr 5 Dec 31 Dec 31 0 192,600 Ol+ 0 + 85 600 0 + 0 107 000 0+ 318,300 01 01 + 01 + 0 0 + BEITETI (240.400) ET 11 OP 01 + 0 04 0 0 + 318,300 Service revenue (240 400) Operating expenses (16 625) Dividends 61.275 Dec 31 16,625 01 + 01 + 01 + 0 0 + 0 639,350 Bal 16,625 237,500 + 187,250 + 19,000 + 117700 0 + 2019 Feb 15 0 ol + 0 + 0 0 (16,625) + 01 + 01 + 0 0 + 57,000 + 01 + Mar 3 0 + 0 356,250+ 0+ 0 + 0+ 0 (16 625) 413.250 (4,500) 251,100 (177 300) 01 = May 5 Dec 31 Dec. 31 III 01 + 0] + 01 +1 0 0 111 11 + + + a 01 + 01 + 0 4 500+ 0 0 + 251,100 Service revenue 0 + (177,300) Operating expenses 0 + Dividends 4,500 + 135 075 0+ 0 + 0 Dec. 31 Bal 0+ 76,000 + 0 + 1,105 275 593 750 + 187 250 + 117,700 b. Prepare the stockholders' equity section of the balance sheet at December 31, 2018. SUN CORPORATION December 31, 2018 Stockholders' equity Common stock Paid-in capital in excess of par preferred stock Paid-in capital in excess of par-common stock Preferred stock 0 Total paid-in capital 0 Retained earnings Total stockholders' equity $ 0 c. Prepare the balance sheets at December 31, 2019. (Negative amount should be indicated by a minus sign.) SUN CORPORATION Balance Sheet As of December 31, 2019 Assets Cash 0 S 0 Total assets Liabilities Dividends payable 0 Total liabilities S 0 Stockholders' equity Paid-in capital in excess of par preferred stock Common stock Paid-in capital in excess of parcommon stock Preferred stock 0 0 0 Total paid-in capital Retained earnings Less: Treasury stock (Common) Total stockholders' equity Total liabilities and stockholders' equity 0 $ 0