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. Closed revenue, expense, and dividend accounts to the retained earnings account.
9. Appropriated $8,600 of retained earnings.

Required a-1. Prepare journal entries to record these transactions. a-2. Post the entries to T-accounts. b. Prepare a balance sheet as of December 31, Year 1.

9 journal entries

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. Closed revenue, expense, and dividend accounts to the retained earnings account. 9. Appropriated $8,600 of retained earnings. Required a-1. Prepare journal entries to record these transactions. a-2. Post the entries to T-accounts. b. Prepare a balance sheet as of December 31, Year 1. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B Prepare journal entries to record these transactions. (Do not round your intermediate calculations. If no entry is required iation fouent calent "Na incirnal anteronuiend" in the first anunt field