Choctaw Company 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 a. Organize the transaction in accounts under an accounting equation. b. Prepare a balance sheet as of December 31 , Year 1. Complete this question by entering your answers in the tabs below. Organize the transaction in accounts under an accounting equation. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Required B > Required a. Organize the transaction in accounts under an accounting equation. b. Prepare a balance sheet as of December 31, Year 1. Complete this question by entering your answers in the tabs below. Prepare a balance sheet as of December 31, Year 1. Note: Negative amounts should be indicated by a minus sign