Choctaw Company completed the following transactions in Year 1, the first year of operation: 1. Issued 30,000 shares of $13 par common stock for $13 per share. 2. Issued 4,000 shares of $20 stated value preferred stock for $20 per share. 3. Purchased 2,000 shares of common stock as treasury stock for $15 per share. 4. Declared a $3,000 cash dividend on preferred stock. 5. Sold 700 shares of treasury stock for $17 per share. 6. Paid $3,000 cash for the preferred dividend declared in Event 4. 7. Earned cash revenues of $98,000 and incurred cash expenses of $51,000. 8. Closed revenue, expense, and dividend accounts to the retained earnings account. 9. Appropriated $9,000 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.