Choctaw Company completed the following transactions in Year 1, the first year of operation: 1. Issued 27,000 shares of $12 par common stock for $12 per share. 2. Issued 3,700 shares of $20 stated value preferred stock for $20 per share. 3. Purchased 1,700 shares of common stock as treasury stock for $14 per share. 4. Declared a $2,700 cash dividend on preferred stock. 5. Sold 1,100 shares of treasury stock for $16 per share. 6. Pald $2,700 cash for the preferred dividend declared in Event 4. 7. Earned cash revenues of $92,000 and incurred cash expenses of $48,000. 8. Closed revenue, expense, and dividend accounts to the retained earnings account. 9. Appropriated $8.700 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.