Choctaw Co. completed the following transactions in Year 1, the first year of operation:

1. Issued 25,000 shares of $15 par common stock for $15 per share.
2. Issued 3,500 shares of $25 stated value preferred stock for $25 per share.
3. Purchased 1,500 shares of common stock as treasury stock for $17 per share.
4. Declared a $2,500 cash dividend on preferred stock.
5. Sold 900 shares of treasury stock for $19 per share.
6. Paid $2,500 cash for the preferred dividend declared in Event 4.
7. Earned cash revenues of $88,000 and incurred cash expenses of $46,000.
8. Closed revenue, expense, and dividend accounts to the retained earnings account.
9. Appropriated $8,500 of retained earnings.

Required: a. Prepare journal entries to record these transactions and post them to T-accounts.