Sun Corporation received a charter that authorized the issuance of $109,000$ shares of $$4$ par common stock and $20,000$ shares of $$75$ par, $4$ percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation:

Year $1$

Jan. $5$ Sold $16,350$ shares of the $$4$ par common stock for $$6$ per share.

$12$ Sold $2,000$ shares of the $4$ percent preferred stock for $$85$ per share.

Apr. $5$ Sold $21,800$ shares of the $$4$ par common stock for $$8$ per share.

Dec. $31$ During the year, earned $$319,000$ in cash revenue and paid $$237,500$ 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 $2.$

Year $2$

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

Mar. $3$ Sold $3,000$ shares of the $$75$ par preferred stock for $$95$ per share.

May $5$ Purchased $600$ shares of the common stock as treasury stock at $$8$ per share.

Dec. $31$ During the year, earned $$251,500$ in cash revenues and paid $$173,200$ for cash operating expenses.

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

Required

Organize the transaction data in accounts under an accounting equation.

Prepare the stockholders$$ equity section of the balance sheet at December $31,$ Year $1.$

Prepare the balance sheet at December $31,$ Year $2.$