The following transactions relate to Sunlight Mountain Inc. Prepare journal entries for each transaction. Prepare the equity section of the balance sheet at each year-end, December 31 . Assume 2015 was Sunlight's irst year of operations. 1. Sunlight issued 1,000 shares of $1 par value common stock for $70 per share on January 1 , 2015. 2. Sunlight issued 500 shares of no par value, $5, non-cumulative preferred stock for $50 per share on January 1, 2015. 3. Sunlight reported net income of $2,000 during 2015 and paid no dividends. Prepare the company's equity section of the December 31, 2015, balance sheet. Stockholders' Equity: Total Stockholders' Equity 4. On January 1, 2016, Sunlight purchased 200 shares of its common stock for $60 per share. 5. On December 15, 2016, Sunlight declared and paid dividends totaling $6,600 during 2016. Prepare the company's equity section from December 31, 2016. 6. Sunlight reported net income of $20,000 during 2016. Prepare the company's stockholders' equity section of the December 31,2016 , balance sheet