Choctaw Co. completed the following transactions in 2018, the first year of operation: 1. Issued 32,000 shares of $10 par common stock for $10 per share 2. Issued 4,200 shares of $20 stated value preferred stock for $20 per share. 3. Purchased 2,200 shares of common stock as treasury stock for $12 per share. 4. Declared a $3,200 cash dividend on preferred stock. 5. Sold 900 shares of treasury stock for $14 per share. 6. Paid $3,200 cash for the preferred dividend declared in Event 4. 7. Earned cash revenues of $102,000 and incurred cash expenses of $53,000. 8. Appropriated $9,200 of retained earnings. 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. Complete this question by entering your answers in the tabs below. Organize the transaction in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If there is no effect on leave the cell blank.) 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 . Preferred. Common Payable Stock Stock Appropriated Retained Earnings Accounting Title Retained Earnings + + + + + | + + + + + + + + + + + + + + + + + + + + + + + + + + + +