Choctaw Co. completed the following transactions in Year 1, the first year of operation 1. Issued 38,000 shares of $12 par common stock for $12 per shore. 2. Issued 4.800 shares of $20 stated value preferred stock for $20 per share 3. Purchased 2,800 shares of common stock as treasury stock for $14 per share. 4. Declared a $3.800 cash dividend on preferred stock 5. Sold 1,800 shares of treasury stock for $16 per share 6. Paid $3,800 cash for the preferred dividend declared in Event 4 7. Earned cash revenues of $114,000 and incurred cash expenses of $59.000 8. Appropriated $9,800 of retained earnings Required a. Organize the transaction in accounts under an accounting equation b. Prepare the stockholders' equity section of the balance sheet as of December 31, Year 1 Caminate this actin complete this question by entering your answers in the tabs below. Required A Required B Organize the transaction in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If there is no effect on tr the cell blank.) Event Assets Liabilities CHOCTAW CO Accounting Equation for the Year 1 Stockholders' Equity Paid in Capital in Excess Treasury Treasury Stock Stock Cash Dividend Payable Preferred Stock Common Stock Retained Earnings Appropriated Retained Earnings Account Titles for Retained Earings 1 2. + 3 4 5 6 7a 7b 18 Totals 0 0+ 0 0 Required A Required B > Complete this question by entering your answers in the tabs below. Required A Required B Prepare the stockholders' equity section of the balance sheet as of December 31, Year 1. (Negative amount should be indicated by a minus sign.) CHOCTAW CO Balance Sheet (Partial) As of December 31. Year 1 Stockholders' equity Total Paid in Capital Retained Earings $ 0 Total Retained Earnings 0 Total Stockholders' Equity 5 0