CHOCTAW CO. Accounting Equation Year 1 Requirement a Event Assets Liabilities Dividends Payable Preferred Stock- Stockholders' Equity PIC in Excess Treasury Treasury SER Stack - Common Stock Cash Rolained Emings Appropriated Rel. Eaming Acct Title RE 1 2 a 4 5 8 70 7b 8 Total CHOCTAW CO. Balance Sheet As of December 31, Yeart Assets Cash Total Assets Liabilities Stockholder's Equity Preferred Stock, $20 stated value 3,000 shares issued and outstanding Common Stock $10 par value. 20,000 shares issued and 19,500 outstanding Paid-in Capital in Excess of Cost Treasury Stock Total Paid in Capital Rotaned Eamingo Appropriated Unappropriated Total Retained Eamings Lesa: Trasury Stock (500 shares) Total Stockholders' Equity Total Liabities and Stockholders' Equity CHOCTAW CO. 20,000 Year 1: 1. Common shares issued Par value Cost per share $ $ 10 3. Preferred shares issued Stated value Cost per share 3,000 20 $ 3. Purchased common stock Cost per share $ 4. Cash dividend declared on preferred stock $ 2,000 15. Treasury stock sold Cost per share 500 $ 6. Paid cash for declared dividend $ 2,000 5. Revenues Operating Expenses $ $ 78,000 41,000 95. Appropriated Retained earings $ 8,000