[The following information applies to the questions displayed below.) Sun Corporation received a charter that authorized the issuance of 88,000 shares of $5 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: 2018 Jan. 5 Sold 13,200 shares of the $5 par common stock for $7 per share. 12 Sold 1,900 shares of the 8 percent preferred stock for $135 per share. Apr. 5 Sold 17,600 shares of the $5 par common stock for $9 per share. Dec. 31 During the year, earned $301,400 In cash revenue and paid $237,400 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares of preferred stock for 2018. The dividend will be pald on February 15 to stockholders of record on January 10, 2019. 2019 Feb. 15 Pald the cash dividend declared on December 31, 2018. Mar. 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 $10 per share. Dec. 31 During the year, earned $253,400 In cash revenues and paid $172,300 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a $0.25 per share dividend on the common stock Sun Corporation Accounting Equation Stockholders' Equity Event Assest Liabilities Cash Dividends Payable + Preferred Stock Common Stock Paid-in Capital in + Excess of Preferred Stock Paid in Capital in + Excess of Common Stock Treasury Stock Retained Earnings Accounts Titles for Retained Earnings 2018 Jan.5 01 + 0 +1 66,000+ 01 + 0 + 0 92,4001 = 1 256,500/= = 26,4001 - 01-11 Jan. 12 01 + + + 01 + 15,200 + 01 + 0 + + + + = + + + + Apr.5 Dec. 31 Dec. 31 Dec 31 + + + + + + + +1 0 + +1 66,000 + + 0 + Bal. 348.900 = 0 + 15,200 + 26,400 0 2019 + + +1 + + = + + + Feb. 15 Mar.3 May 5 Dec. 31 Dec 31 Dec 31 Bal. + + + - 1 + = + + + + + 348,900 = 0+ 0 + 66,000 + 15,200 + 26,400 0 + 0 dividend on the common stock. b. Prepare the stockholders' equity section of the balance sheet at December 31, 2018 SUN CORPORATION December 31, 2018 Stockholders equity Common stock Preferred stock Paid-in capital in excess of par-common stock Pald-in capital in excess of par--preferred stock Total paid-in capital Retained earnings Total stockholders' equity & Answer is not complete. SUN CORPORATION Balance Sheet As of December 31, 2019 Assets Cash 0 $ 0 Total assets Liabilities Dividends payable 0 $ 0 Total liabilities Stockholders' equity Common stock Preferred stock Paid-in capital in excess of par-common stock Paid-in capital in excess of par--preferred stock SIS 0 3 Total paid-in capital Retained earnings Less: Treasury stock (Common) Total stockholders' equity Total liabilities and stockholders equity 0 $ 0