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Required information [The following information applies to the questions displayed below) Sun Corporation received a charter that authorized the issuance of 80,000 shares of $4 par common stock and 19,000 shares of $75 par, 7 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 Jan. 5 Sold 12,000 shares of the $4 par common stock for $6 per share. 12 Sold 1,900 shares of the 7 percent preferred stock for $85 per share. Apr. 5 sold 16,000 shares of the $4 par common stock for $8 per share. Dec.31 During the year, earned $305,700 in cash revenue and paid $237,900 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. Sold 2,850 shares of the $75 par preferred stock for $95 per share. May. 5 Purehased 550 shares of the common stock as treasury stock at $8 per share. Dec.31 During the year, earned $253,900 in canh revenues and paid $177,100 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a $0.25 per share dividend on the common stock b. Prenare the halanrechoots at Deromhor 31 Year 1 and Year? Amount to ho decirtar chans ha indicated with miniclan b. Prepare the balance sheets at December 31, Year 1 and Year 2. (Amounts to be deducted should be indicated with minus sign.) SUN CORPORATION Balance Sheet As of December 31, Year 1 Assets $ 0 Total assets Liabilities 0 Total liabilities Stockholders' equity Total paid in capital 0 0 Total stockholders' equity Total liabilities and stockholders' equity 0 SUN CORPORATION Balance Sheet As of December 31, Year 2 Assets $ $ Total assets Liabilities tes 0 0 Total liabilities Stockholders' equity Total paid-in capital 0 Total stockholders' equity Total liabilities and stockholders' equity oo