Sun Corporation received a charter that authorized the issuance of 88,000 shares of $5 par common stock and 18,000 shares of $75 par, 6 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 January 5 January 12 April 5 December 31 December 31 Year 2 February 15 Paid the cash dividend declared on December 31, Year 1. March 3 Sold 2,700 shares of the $75 par preferred stock for $95 per share. May 5 Purchased 550 shares of the common stock as treasury stock at $10 per share. December 31 During the year, earned $245,700 in cash revenues and paid $177,200 for cash operating December 31 Event Number Required a. Organize the transaction data in accounts under an accounting equation. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Year 1 January 5 January 12 April 5 December 31 December 31 December 31 Balance Sold 13,200 shares of the $5 par common stock for $7 per share. Sold 1,800 shares of the 6 percent preferred stock for $85 per share. Sold 17,600 shares of the $5 par common stock for $9 per share. During the year, earned $313,800 in cash revenue and paid $240,300 for cash operating expenses. 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. Year 2 February 15 March 3 May 5 December 31 December 31 December 31 Balance expenses. Declared the annual dividend on the preferred stock and a $0.50 per share dividend on the common stock. Assets Cash 0 = W Liabilities Dividends Payable + + + + + + 0 + ++ + + 0 + Preferred Stock 0 0 + Common Stock SUN CORPORATION Accounting Equation 0 01 + + + + + + + + + + + + Stockholders' Equity Paid-in Capital in Excess of Par- Preferred Stock + 0 + + + + + + 0 + + + +++ Paid-in Capital in Excess of Par- Common Stock 0 0 Treasury Stock + 0 + + + + 0 + + Retained Earnings 0 Account Titles for Retained Earnings