Required information [The following information applies to the questions displayed below.) Sun Corporation received a charter that authorized the issuance of 85,000 shares of $7 par common stock and 20,000 shares of $100 par, 6 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: 2018 Jan. 5 sold 12,750 shares of the $7 par common stock for $9 per share. 12 Sold 2,000 shares of the 6 percent preferred stock for $110 per share. Apr. 5 Sold 17,000 shares of the $7 par common stock for $11 per share. Dec.31 During the year, earned $305,600 in cash revenue and paid $237,000 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 3,000 shares of the $100 par preferred stock for $120 per share. May. 5 Purchased 500 shares of the common stock as treasury stock at $14 per share. Dec.31 During the year, earned $254,900 in cash revenues and paid $173,800 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a $0.75 per share dividend on the common stock. b. Prepare the stockholders' equity section of the balance sheet at December 31, 2018. SUN CORPORATION December 31, 2018 Stockholders' equity Total paid-in capital Total stockholders' equity $ 0