Choctaw Co. completed the following transactions in Year 1, the first year of operation. 1. Issued 22,000 shares of $10 par common stock for $10 per share. 2. Issued 3,200 shares of $20 stated value preferred stock for $20 per share. 3. Purchased 1,200 shares of common stock as treasury stock for $12 per share. 4. Declared a $2,200 cash dividend on preferred stock. 5. Sold 700 shares of treasury stock for $14 per share. 6. Paid $2,200 cash for the preferred dividend declared in Event 4. 7. Earned cash revenues of $82,000 and incurred cash expenses of $43,000. 8. Appropriated $8,200 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. Complete this question by entering your answers in the tabs below. Required B Required A Organize the transaction in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. Not all cells in the "Accounts Titles for F require an input - leave cells blank if there is no corresponding input needed.) Choctaw Co. Accounting Equation Year 1 = Liabilities Stockholders' Equity Event Assets Paid-in Capital in Excess of Par - Treasury Stock Appropriated Retained Dividends Preferred Stock Common Stock Treasury Stock Retained Account Title for Retained Earnings Cash Payable Earnings Earnings 1. 2. 3. 4. 5. 6. 7a 7b 8. Totals Prepare a balance sheet as of December 31, Year 1. (Negative amounts should be indicated by a CHOCTAW CO. Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Stockholders' equity Total Paid-In Capital Retained Earnings Total Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity