Choctaw Co. completed the following transactions in 2018, the first year of operation: Issued 23,000 shares of $15 par common stock for $15 per share. Issued 3,300 shares of $25 stated value preferred stock for $25 per share. Purchased 1,300 shares of common stock as treasury stock for $17 per share. Declared a $2,300 cash dividend on preferred stock. Sold 500 shares of treasury stock for $19 per share. Paid $2,300 cash for the preferred dividend declared in Event 4. Earned cash revenues of $84,000 and incurred cash expenses of $44,000. Appropriated $8,300 of retained earnings.

Required Organize the transaction in accounts under an accounting equation.

Prepare the stockholders equity section of the balance sheet as of December 31, 2018.