Choctaw Co. completed the following transactions in Year 1, the first year of operation. 1. Issued 35,000 shares of $10 par common stock for $10 per share. 2. Issued 4,500 shares of $20 stated value preferred stock for $20 per share. 3. Purchased 2,500 shares of common stock as treasury stock for $12 per share. 4. Declared a $3,500 cash dividend on preferred stock. 5. Sold 1,200 shares of treasury stock for $14 per share. 6. Paid $3,500 cash for the preferred dividend declared in Event 4. 7. Earned cash revenues of $108,000 and incurred cash expenses of $56,000. 8. Appropriated $9,500 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. modified Saved Help Required A Required B Organize the transaction in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. Not all cells in the require an input - leave cells blank if there is no corresponding input needed.) Event Assets = Liabilities Choctaw Co. Accounting Equation Year 1 Stockholders' Equity Paid-in Capital in Excess of Treasury Retained Par - Treasury Stock Earnings ng Stock Cash - Dividends = Payable Preferred Stock Common Stock + Retained Earnings Account Title for Retained Earnings 2. L : Ta. Required B > Complete this question by entering your answers in the tabs below. Required A Required B Prepare a balance sheet as of December 31, Year 1. (Negative amounts should be indicated by a minus sign 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