Sun Corporation recelved a charter that authorized the issuance of 106,000 shares of $8 par common stock and 20,000 shares of $75 par, 6 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1 Jan. 5 Sold 15,900 nhares of the $8 par comonon atock for $10 per share, 12 sold 2,000 shares of the 6 percent preferred stock for 585 per whare. Apr. 5 sold 21,200 tharen of the 38 por comnon stock for $12 per ehare. bec.31 buring the year, earned 5319,800 in cash revenue and paid $244,600 for cash operating expesses. 31 Deelared the cash dividend on the outatanding shares of preferred atock for year 1. the dividend vili be paid on rebruary 15 to 1 tockbolders of record on January 10, Year 2. Year 2 Feb.15 paid the canh dividend deolared on Deceener 31 , Year 1 . Mar, 3 Bold 3,000 ahares of the $75 par preterred atoek for $95 per share. May 5 purchaned 500 share of the coamon stock an treasury atock at 316 per ahare. Deo.31 During the year, earned $246,200 in cash revenuee and paid $171,300 for caab operating expenuen. 31 beclared the anbual dividend on the proterred atock abd a 50,50 per thare dividend on the conmon etoek. Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare the stockholders' equity section of the bolance sheet at December 31, Year 1 , c. Prepare the balance sheet at December 31, Year 2. SUN CORPORATION Accounting Equation \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ SUN CORPORATION } \\ As of December 31, Year 1 & \\ \hline Stockholders' equity & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} SUN CORPORATION Balarice Sheot As of December 31, Year 2