Choctaw Co. completed the following transactions in 2018, the first year of operation: 1. Issued 24,000 shares of $10 par common stock for $10 per share. 2. Issued 3,400 shares of $20 stated value preferred stock for $20 per share. 3. Purchased 1,400 shares of common stock as treasury stock for $12 per share. 4. Declared a $2,400 cash dividend on preferred stock. 5. Sold 800 shares of treasury stock for $14 per share. 6. Paid $2,400 cash for the preferred dividend declared in Event 4. 7. Earned cash revenues of $86,000 and incurred cash expenses of $45,000. 8. Appropriated $8.400 of retained ea ngs. Required a. Organize the transaction in accounts under an accounting equation. b. Prepare the stockholders' equity section of the balance sheet as of December 31, 2018. Required A Required B Organize the transaction in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. Select "NA" if Earnings".) Event Assets = Liabilities Choctaw Co. Accounting Equation for the Year 2018 Stockholders' Equity Paid-in Capital In Excess Treasury Retained Treasury Stock Earnings Stock Cash Dividens Payable Preferred Stock Common + Stock + Appropriated Retained Earnings Accounting Title Retained Earning 1. + + IIII 2. + + + + + 3 + + + + + 11 III + + 4 5 + + + + 6 LI + + + + + + + + + + + TTTTTTTT + + + 7a + 7b. + + + + + + + + + 8 HI + + + + + Totals 0 0 + 0 + 0 + 0 0 + 0 + 0 Required B > Required A Required B Prepare the stockholders' equity section of the balance sheet as of Dec by a minus sign.) CHOCTAW CO. As of December 31, 2018 Stockholders' equity $ 0 Total Paid-In Capital Retained Earnings Total Retained Earnings 0 Total Stockholders' Equity $ 0