Choctaw Co. completed the following transactions in 2018, the first year of operation: 1. Issued 26,000 shares of $15 par common stock for $15 per share. 2. Issued 3,600 shares of $25 stated value preferred stock for $25 per share. 3. Purchased 1,600 shares of common stock as treasury stock for $17 per share. 4. Declared a $2,600 cash dividend on preferred stock. 5. Sold 1,000 shares of treasury stock for $19 per share. 6. Paid $2,600 cash for the preferred dividend declared in Event 4. 7. Earned cash revenues of $90,000 and incurred cash expenses of $47,000. 8. Appropriated $8,600 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