Choctaw Co$.$ completed the following transactions in Year $1,$ the first year of operation:

Issued $27,000$ shares of $$12$ par common stock for $$12$ per share.

Issued $3,700$ shares of $$20$ stated value preferred stock for $$20$ per share.

Purchased $1,700$ shares of common stock as treasury stock for $$14$ per share.

Declared a $$2,700$ cash dividend on preferred stock.

Sold $1,100$ shares of treasury stock for $$16$ per share.

Paid $$2,700$ cash for the preferred dividend declared in Event $4.$

Earned cash revenues of $$92,000$ and incurred cash expenses of $$48,000.$

Appropriated $$8,700$ 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 $31,$ Year $1.$