Sun Corporation received a charter that authorized the issuance of $85,000$ shares of $$6$ par common stock and $18,000$ shares of $$100$ par, $8$ percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation.Year $1$January $5$ Sold $12,750$ shares of the $$6$ par common stock for $$8$ per share.January $12$ Sold $1,800$ shares of the $8$ percent preferred stock for $$110$ per share.April $5$ Sold $17,000$ shares of the $$6$ par common stock for $$10$ per share.December$31$During the year,earned $$309,100$ in cash revenue and paid $$237,200$ for cash operating expenses.December $31$ Declared the cash dividend on the outstanding shares of preferred stock for Year $1.$ The dividend will bepaid on February $15$ to stockholders of record on January $10,$ Year $2.$December $31$ Closed the revenue, expense, and dividend accounts to the retained earnings account.Year $2$February $15$ Paid the cash dividend declared on December$31,$ Year $1.$March $3$ Sold $2,700$ shares of the $$100$ par preferred stock for $$120$ per share.May $5$ Purchased $500$ shares of the common stock as treasury stock at $$12$ per share.December$31$ During the year, earned $$246,100$ in cash revenues and paid $$173,900$ 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.b$.$ Prepare the balance sheets at December $31,$ Year $1$ and Year $2.$