Choctaw Co. completed the following transactions in Year 1, the first year of operation: 1. Issued 30,000 shares of $13 par common stock for $13 per share. 2. Issued 4,000 shares of $20 stated value preferred stock for $20 per share. 3. Purchased 2,000 shares of common stock as treasury stock for $15 per share. 4. Declared a $3,000 cash dividend on preferred stock. 5. Sold 700 shares of treasury stock for $17 per share. 6. Paid $3,000 cash for the preferred dividend declared in Event 4. 7. Earned cash revenues of $98,000 and incurred cash expenses of $51,000. 8. Closed revenue, expense, and dividend accounts to the retained earnings account. 9. Appropriated $9,000 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.) 1 Issued 30,000 shares of $13 par common stock for $13 per share. 2 Issued 4,000 shares of $20 stated value preferred stock for $20 per share. 3 Purchased 2,000 shares of common stock as treasury stock for $15 per share. 4 Declared a $3,000 cash dividend on preferred stock. 5 Sold 700 shares of treasury stock for $17 per share. 6 Paid $3,000 cash for the preferred dividend declared in Event 4. 7 Earned cash revenues of $98,000. 8 Incurred cash expenses of $51,000. 9 Record the entry to close revenue account. 10 Record the entry to close operating expense account. 11 Record the entry to close the dividend account. 12 Appropriated $9,000 of retained earnings. Cash Dividends Payable Beg. Bal. 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. Bal. 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 0 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