Sun Corporation received a charter that authorized the issuance of $110,000$ shares of $$7$ par common stock and $19,000$ shares of $$125$ par, $6$ percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation:

Year $1$

January $5$ Sold $16,500$ shares of the $$7$ par common stock for $$9$ per share.

$12$ Sold $1,900$ shares of the $6$ percent preferred stock for $$135$ per share.

April $5$ Sold $22,000$ shares of the $$7$ par common stock for $$11$ per share.

December During the year, earned $$316,300$ in cash revenue and paid $$238,200$ for cash operating expenses.

$31$

$31$ 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 $2$

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

March $3$ Sold $2,850$ shares of the $$125$ par preferred stock for $$145$ per share.

May $5$ Purchased $500$ shares of the common stock as treasury stock at $$14$ per share.

December $31$ During the year, earned $$254,400$ in cash revenues and paid $$176,300$ 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

a$.$ Organize the transaction data in accounts under an accounting equation.

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

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

Complete this question by entering your answers in the tabs below.