Sun Corporation received a charter that authorized the issuance of $98,000$ shares of $$3$ par common stock and $19,000$ shares of $$100$ par, $7$ percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation:

Year $1$

Jan. $5$ Sold $14,700$ shares of the $$3$ par common stock for $$5$ per share.

$12$ Sold $1,900$ shares of the $7$ percent preferred stock for $$110$ per share.

Apr. $5$ Sold $19,600$ shares of the $$3$ par common stock for $$7$ per share.

Dec. $31$ During the year, earned $$301,900$ in cash revenue and paid $$239,800$ 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 $2,850$ shares of the $$100$ par preferred stock for $$120$ per share.

May $5$ Purchased $400$ shares of the common stock as treasury stock at $$6$ per share.

Dec. $31$ During the year, earned $$251,200$ in cash revenues and paid $$177,700$ for cash operating expenses.

$31$ Declared the annual dividend on the preferred stock and a $$0\mathrm{.}50$ 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 $2.$