Sun Corporation received a charter that authorized the issuance of $92,000$ shares of $$4$ par common stock and $19,000$ shares of $$100$ par, $5$ percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation.

Year $1$

January $5$ Sold $13,800$ shares of the $$4$ par common stock for $$6$ per share.

January $12$ Sold $1,900$ shares of the $5$ percent preferred stock for $$110$ per share.

April $5$ Sold $18,400$ shares of the $$4$ par common stock for $$8$ per share.

December $31$ During the year, earned $$316,000$ in cash revenue and paid $$240,300$ for cash operating expenses.

December $31$ 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 $2.$

December $31$ Closed the revenue, expense, and dividend accounts to the retained earnings account.

Year $2$

February $15$ Paid the cash dividend declared on December $31,$ Year $1.$

March $3$ Sold $2,850$ shares of the $$100$ par preferred stock for $$120$ per share.

May $5$ Purchased $550$ shares of the common stock as treasury stock at $$8$ per share.

December $31$ During the year, earned $$248,600$ in cash revenues and paid $$178,500$ for cash operating expenses.

December $31$ Declared the annual dividend on the preferred stock and a $$0\mathrm{.}25$ per share dividend on the common stock.

December $31$ Closed revenue, expense, and dividend accounts to the retained earnings account. Prepare journal entries for these transactions for Year $1$ and Year $2.($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$ Post the entries to T$-$accounts Year $1.($Select $"12/31$ cl$."$ for all the closing entries.$)$ Post the entries to T$-$accounts Year $2.($Select $"12/31$ cl$."$ for all the closing entries.$)$