[The following information applies to the questions displayed below.] Sun Corporation received a charter that authorized the issuance of 98,000 shares of $7 par common stock and 21,000 shares of $125 par, 5 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 January 5 January 12 April 5 December 31 December 31 Year 2 February 15 March 3 May December 31 December 31 Sold 14,700 shares of the $7 par common stock for $9 per share. Sold 2,100 shares of the 5 percent preferred stock for $135 per share. Sold 19, 600 shares of the $7 par common stock for $11 per share. During the year, earned $312,100 in cash revenue and paid $239,400 for cash operating expenses. 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. Paid the cash dividend declared on December 31, Year 1 Sold 3,150 shares of the $125 par preferred stock for $145 per share. Purchased 500 shares of the common stock as treasury stock at $14 per share. During the year, earned $245,200 in cash revenues and paid $180,000 for cash operating expenses. Declared the annual dividend on the preferred stock and a $0.25 per share dividend on the common stock. a. Prepare the balance sheets at December 31, Year 1 and Year 2. Note: Amounts to be deducted should be indicated with minus sign.

[The following information applies to the questions displayed below.] Sun Corporation received a charter that authorized the issuance of 98,000 shares of $7 par common stock and 21,000 shares of $125 par, 5 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 January 5 Sold 14,700 shares of the $7 par conmon stock for $9 per ahare. January 12 Sord 2,100 shares of the 5 percent preforred stock zor 513 s per share. Decenber 31 During the year. earned 8312 , 100 in cash revenue and pald $239,400 for cash operating expensen. December it Declared the canh dividend on the outetanding ahazon of protorred atock rok Year 1 . The atvidend kili be pald on Febrtapy 13 foptockholdera of record on January 10, Yeax 2 . Year 2 expenses: conon itcot. a. Prepare the balance sheets at December 3 , Year 1 and Year 2. Note: Amounts to be deducted should be indicated with minus sign