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. Required A Required B Complete this question by entering your answers in the tabs below. Organize the transaction in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. Select "NA" if there is no effect on the "A Earnings".)

POST IN EXCEL SPREADSHEET Please.