Choctaw Co. completed the following transactions in Year 1, the first year of operation: 1. Issued 32,000 shares of $10 par common stock for $10 per share. 2. Issued 4,200 shares of $20 stated value preferred stock for $20 per share. 3. Purchased 2,200 shares of common stock as treasury stock for $12 per share. 4. Declared a $3,200 cash dividend on preferred stock. 5. Sold 900 shares of treasury stock for $14 per share. 6. Paid $3,200 cash for the preferred dividend declared in Event 4. 7. Earned cash revenues of $102,000 and incurred cash expenses of $53,000. 8. Closed revenue, expense, and dividend accounts to the retained earnings account. 9. Appropriated $9,200 of retained earnings. Required: a. Prepare journal entries to record these transactions and post them to T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 R. 12 Issued 32,000 shares of $10 par common stock for $10 per share. Note: Enter debits before credits Event General Journal Debit Credit 1. Record entry Clear entry View general Journal Choctaw Co. completed the following transactions in Year 1, the first year of operation: 1. Issued 32,000 shares of $10 par common stock for $10 per share. 2. Issued 4,200 shares of $20 stated value preferred stock for $20 per share. 3. Purchased 2,200 shares of common stock as treasury stock for $12 per share. 4. Declared a $3,200 cash dividend on preferred stock. 5. Sold 900 shares of treasury stock for $14 per share. 6. Paid $3,200 cash for the preferred dividend declared in Event 4. 7. Earned cash revenues of $102,000 and incurred cash expenses of $53,000. 8. Closed revenue, expense, and dividend accounts to the retained earnings account. 9. Appropriated $9,200 of retained earnings. Required: a. Prepare journal entries to record these transactions and post them to T-accounts. (If no entry is required for a transaction/eve select "No journal entry required" in the first account field. Do not round your intermediate calculations.) View transaction list Journal entry worksheet Incurred cash expenses of $53,000. Note: Enter debits before credits General Journal Debit Event 70 Credit Racord entry Clear entry View general Journal Choctaw Co. completed the following transactions in Year 1, the first year of operation: 1. Issued 32,000 shares of $10 par common stock for $10 per share. 2. Issued 4,200 shares of $20 stated value preferred stock for $20 per share. 3. Purchased 2,200 shares of common stock as treasury stock for $12 per share. 4. Declared a $3,200 cash dividend on preferred stock. 5. Sold 900 shares of treasury stock for $14 per share. 6. Paid $3,200 cash for the preferred dividend declared in Event 4. 7. Earned cash revenues of $102,000 and incurred cash expenses of $53,000. 8. Closed revenue, expense, and dividend accounts to the retained earnings account. 9. Appropriated $9,200 of retained earnings. Required: a. Prepare journal entries to record these transactions and post them to T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculations.) View transaction list Journal entry worksheet 1 ..... 4 5 6 7 8 9 . 12 > Record the entry to close revenue account. Note: Enter debits before credits Event General Journal Debit Credit Ba Record entry Clear entry View general Journal Choctaw Co. completed the following transactions in Year, the first year of operation: 1. Issued 32,000 shares of $10 par common stock for $10 per share. 2. Issued 4,200 shares of $20 stated value preferred stock for $20 per share. 3. Purchased 2,200 shares of common stock as treasury stock for $12 per share. 4. Declared a $3,200 cash dividend on preferred stock. 5. Sold 900 shares of treasury stock for $14 per share. 6. Paid $3,200 cash for the preferred dividend declared in Event 4. 7. Earned cash revenues of $102,000 and incurred cash expenses of $53,000. 8. Closed revenue, expense, and dividend accounts to the retained earnings account. 9. Appropriated $9,200 of retained earnings. Required: a. Prepare journal entries to record these transactions and post them to T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculations.) View transaction list Journal entry worksheet Appropriated $9,200 of retained earnings. Note: Enter debits before credits General Journal Event 09 Debit Credit Record entry Clear entry View general Journal Cash Dividends Payable Beg. Ball Beg. Bal End. Bal. End. Bal. Retained Earnings Appropriated Retained Earnings Beg Bal. Beg Bal End. Bal End. Bal. Preferred Stock Common Stock Beg. Bal. Beg Bail End. Bal. End. Bal PIC in Exc. of Cost TS Treasury Stock Beg Bal. Beg. Bal. End. Bal End. Bal Dividends Service Revenue Beg. Bal. Beg. Bal. End. Bal End. Bal Operating Expenses Beg Bal End. Bal b. Prepare a balance sheet as of December 31, Year 1. (Amounts to be deducted should be indicated with minus sign.) CHOCTAW CO. Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Stockholders' equity 0 Total Paid-in Capital Retained Earnings Total Retained Earnings 0 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 0