Choctaw Co. completed the following transactions in Year 1, the first year of operation. Issued 31,000 shares of $10 par common stock for $10 per share. Issued 4,100 shares of $20 stated value preferred stock for $20 per share. Purchased 2,100 shares of common stock as treasury stock for $12 per share. Declared a $3,100 cash dividend on preferred stock. Sold 800 shares of treasury stock for $14 per share. Paid $3,100 cash for the preferred dividend declared in Event 4. Earned cash revenues of $100,000 and incurred cash expenses of $52,000. Appropriated $9,100 of retained earnings. Required a. Organize the transaction in accounts under an accounting equation. b. Prepare a balance sheet as of December 31, Year 1.

CHOC CO Balance Sheet As of December 31.Year 1 TAW Assets Total assets Liabilities Stockholders equity Total Paid-In Capital Retained Earnings Total Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Choctaw Co. Accounting Equation Year 1 Stockholders' Equity Event AssetsLiabilities Paid-in Capital in Excess of Par Treasury Stock Appropriated Cash Dividends Payable . Preferred.| Common +Stock TreasuryRetained +Retained Account Title for Retained Earnings Stock Stock Earnings Earnings 7b. Totals 0 +