Choctaw Co. completed the following transactions in 2018, the first year of operation: 1. Issued 27,000 shares of $12 par common stock for $12 per share. 2. Issued 3,700 shares of $20 stated value preferred stock for $20 per share. 3. Purchased 1,700 shares of common stock as treasury stock for $14 per share. 4. Declared a $2,700 cash dividend on preferred stock. 5. Sold 1,100 shares of treasury stock for $16 per share. 6. Paid $2,700 cash for the preferred dividend declared in Event 4. 7. Earned cash revenues of $92,000 and incurred ash expenses of $48,000. 8. Appropriated $8,700 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 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 Payable Preferred S tock Common Stock + Appropriated Retained Earnings Accounting Title Retained Earnings + + IIIIII Totals Recured 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 Total Paid-In Capital Retained Earnings Total Retained Earnings Total Stockholders Equity Required A