Choctaw Co. completed the following transactions in Year 1, the first year of operation: 1. Issued 26,000 shares of $15 par common stock for $15 per share. 2. Issued 3,600 shares of $25 stated value preferred stock for $25 per share. 3. Purchased 1,600 shares of common stock as treasury stock for $17 per share. 4. Declared a $2,600 cash dividend on preferred stock. 5. Sold 1,000 shares of treasury stock for $19 per share. 6. Paid $2,600 cash for the preferred dividend declared in Event 4. 7. Earned cash revenues of $90,000 and incurred cash expenses of $47,000. 8. Appropriated $8,600 of retained earnings Required 4 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. Complete this question by entering your answers in the tabs below.