A4 A x fx Choctaw Co. General Journal for Year 1 B E F G H 1 (a) Prepare journal entries to record these transactions and post them to T-accounts 2 3 4 Choctaw Co. General Journal for Year 1 5 6 Entry 7 8 1 9 10 11 2 12 13 143 15 16 17 4 18 19 20 5 21 22 23 24 6 25 26 27 7 28 29 P11-28A Account Titles Debit Credit Cash Treasury Stock Ready Type here to search iT 0 Dividends Payable PIC in Exc. of Cost- Treasury Stock Retained Earnings Dividends hp e A4 X fx Choctaw Co. General Journal for Year 1 B E F H 26 27 7 28 Retained Earnings Dividends 29 30 31 32 33 Closing Entries 34 35 8. 36 37 38 39 40 41 42 43 44 9. 45 46 47 48 49 DO NOT DO NUMBER 9 50 51 52 53 54 P11-28A Ready Type here to search Preferred Stock Service Revenue Common Stock Operating Expenses e A4 fx Choctaw Co. General Journal for Year 1 A B E 50 51 52 53 54 55 56 57 (b) Prepare the balance sheet as of December 31, Year 1 58 59 60 61 Choctaw Co. Balance Sheet As of December 31, Year 1 62 63 Assets 64 Cash 65 Total Assets 66 67 Liabilities 68 69 Stockholders' Equity Common Stock 70 Preferred Stock 71 72 73 74 Paid-In Capital in Excess of Cost Treasury Stock Retained Earnings Less: Treasury Stock (500 shares) 75 Total Stockholders' Equity 76 77 Total Liabilities and Stockholders' Equity 78 P11-28A Ready Type here to search Problem 11-24A Recording and reporting treasury stock transactions Choctaw Co. completed the following transactions in 2016, the first year of operation: 0 1. Issued 20,000 shares of $10 par common stock for $10 per share. 2. Issued 3,000 shares of $20 stated value preferred stock for $20 per share. 3. Purchased 1,000 shares of common stock as treasury stock for $12 per share. 4. Declared a $2,000 cash dividend on preferred stock. Proprietorships, Partnershig 5. Sold 500 shares of treasury stock for $14 per share. 6. Paid $2,000 cash for the preferred dividend declared in Event 4. 7. Earned cash revenues of $78,000 and incurred cash expenses of $41,000. 8. Closed revenue, expense, and dividend accounts to the retained earnings account. 9. Appropriated $8,000 of retained earnings. Required a. Prepare journal entries to record these transactions and post them to T-accounts. b. Prepare a balance sheet as of December 31, 2016