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Sun Corporation received a charter that authorized the issuance of 81,000 shares of $6 par common stock and 19,000 shares of $125 par, 8 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation:

2016

Jan.	5	Sold 12,150 shares of the $6 par common stock for $8 per share.
	12	Sold 1,900 shares of the 8 percent preferred stock for $135 per share.
Apr.	5	Sold 16,200 shares of the $6 par common stock for $10 per share.
Dec.	31	During the year, earned $313,800 in cash revenue and paid $241,000 for cash operating expenses.
	31	Declared the cash dividend on the outstanding shares of preferred stock for 2016. The dividend will be paid on February 15 to stockholders of record on January 10, 2017.
	31	Closed the revenue, expense, and dividend accounts to the retained earnings account.

2017

Feb.

15

Paid the cash dividend declared on December 31, 2016.

Mar.

3

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

May

5

Purchased 550 shares of the common stock as treasury stock at $12 per share.

Dec.

31

During the year, earned $247,200 in cash revenues and paid $170,900 for cash operating expenses.

31

Declared the annual dividend on the preferred stock and a $0.75 per share dividend on the common stock.

31

Closed revenue, expense, and dividend accounts to the retained earnings account.

a.

Prepare journal entries for these transactions for 2016 and 2017 and post them to T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answer to the nearest dollar amount. Select "cl" for all the closing entries.)

b.	Prepare the balance sheets at December 31, 2016 and 2017. (Amounts to be deducted should be indicated with minus sign.)