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

Issued 38,000 shares of $12 par common stock for $12 per share.

Issued 4,800 shares of $20 stated value preferred stock for $20 per share.

Purchased 2,800 shares of common stock as treasury stock for $14 per share.

Declared a $3,800 cash dividend on preferred stock.

Sold 1,800 shares of treasury stock for $16 per share.

Paid $3,800 cash for the preferred dividend declared in Event 4.

Earned cash revenues of $114,000 and incurred cash expenses of $59,000.

Closed revenue, expense, and dividend accounts to the retained earnings account.

Appropriated $9,800 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.