[The following information applies to the questions displayed below.) Sun Corporation received a charter that authorized the issuance of 100,000 shares of $5 par common stock and 19,000 shares of $75 par, 5 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 Jan. 5 Sold 15,000 shares of the $5 par common stock for $7 per share. 12 Sold 1,900 shares of the 5 percent preferred stock for $85 per share. Apr. 5 Sold 20,000 shares of the $5 par common stock for $9 per share. Dec. 31 During the year, earned $317,500 in cash revenue and paid $243,600 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 $75 par preferred stock for $95 per share. May. 5 Purchased 450 shares of the common stock as treasury stock at $10 per share. Dec.31 During the year, earned $246,600 in cash revenues and paid $175,000 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a $0.50 per share dividend on the common stock. Required a. Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. Not all cells require input.) SUN CORPORATION Accounting Equation Stockholders' Equity Assets = Liabilities Event No. Cash = Dividends Payable + Preferred Stock Common Stock Paid-in Capital in Excess of Par Preferred Stock Paid-in Capital in Excess of Par- Common Stock Treasury Stock Retained Earnings Account Titles for Retained Earnings Year 1 Jan.5 = + 75,000 + 30,000 + 105,000 161,500 + + + + + + + - + + + + + Jan. 12 Apr.5 Dec 31 Dec. 31 Dec. 31 Bal. + + + + + + + 266,500 0 0 + 75,000 + 0 + 30,000 0 + 0 + + Year 2 Feb. 15 Mar. 3 May 5 + + + + + = + + + - + + + + Dec.31 Dec.31 + + + Dec 31 + + + Bal. 266,500 01 + 75,000 + 0 0 + 30,000 0 +