Sun Corporation received a charter that authorized the issuance of 95,000 shares of $4 par common stock and 21,000 shares of $100 par, 7 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1 5 Sold 14,250 shares of the $4 par common stock for $6 per share. 12 Sold 2,100 shares of the 7 percent preferred stock for $110 per share. 5 Sold 19,000 shares of the $4 par common stock for $8 per share. Jan. Apr. Dec. 31 During the year, earned $313,900 in cash revenue and paid $242,60e 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 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 Mar. ay Dec. 31 During the year, earned $250,200 in cash revenues and paid $174,700 for cash operating expenses 31 Declared the annual dividend on the preferred stock and a $0.75 per share dividend on the common stock. 3 Sold 3,150 shares of the $100 par preferred stock for $120 per share. 5 Purchased 600 shares of the comnon stock as treasury stock at $8 per share. 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 calculations and final answer to the nearest dollar amount. Select "12/31 cl." for all the closing entries.)