Sun Corporation received a charter that authorized the issuance of 108,000 shares of $4 par common stock and 21,000 shares of $75 par, 7 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1 an. 5 Sold 16,200 shares of the $4 par common stock for $6 per share 12 Sold 2,100 shares of the 7 percent preferred stock for $85 per share. Apr. 5 Sold 21,600 shares of the $4 par common stock for $8 per share. Dec. 31 During the year, earned $304,200 in cash revenue and paid $236,000 for cash operating expenses sie so peti 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. 31 Closed the revenue, expense, and dividend accounts to the retained earnings account. Year 2 Feb. 15 Paid the cash dividend declared on December 31, Year 1. ar. 3 Sold 3,150 shares of the $75 par preferred stock for $95 per share. May 5 Purchased 450 shares of the common stock as treasury stock at $8 per share. Dec. 31 During the year, earned $250,700 in cash revenues and pald $174,700 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and SOSO per share dividend on-the common stock. 31 Closed revenue, expense, and dividend accounts to the retained earnings account. Required a. Prepare Journal entries for these transactions for Year 1 and Year 2 and post them to T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate celculations and final answer to the nearest dollar amount. Select "12/31 cl" for all the closina entries.) b. Prepare the balance sheets at December 31, Year 1 and Year 2 (Amounts to be deducted should be indice SUN CORPORATION Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Total liabilities Stockholders equity c-1. What is the number of common shares outstanding at the end of Year 1? At the end of Year 2? How many common shares been issued at the end of Year 1? At the end of Year 2? (Amounts to be deducted should be indicated with minus sign.) Schedule of Number of Shares of Common Stock Shares Shares Year 1 Totals Year 2 Totals