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.

Complete this question by entering your answers in the tabs below. Req A1 Req AZ Reg B Prepare journal entries to record these transactions. (Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet B C D E F G H- L Issued 38,000 shares of 512 par common stock for $12 per share. Record the transaction. Note: Enter debits before credits General Journal Debit Credit Event 01 Record entry Clear entry View general Journal Required --1. Prepare Journal entries to record these transactions 6-2 Post the entries to T-accounts. b. Prepare a balance sheets of December 31 Year 1 Complete this question by entering your answers in the tabs below. RA Me 2 Post the entries to T-accounts Cach Dividends Payable Beginning Balance Beginning Balance Ending Balance Ending Balance Retained Earnings Appropriated Retained Earnings Beginning Balance Beginning Balance Ending Belone Ending Balance Preferred Ebook Common Book Beginning Balance Beginning Balance Ending Belone Ending Balance Treasury Book Paldin Capital In Excc of Coct of Treasury took Beginning Balance Beginning Balance Ending Balance Ending Bolone Dividends Service Ravenue Beginning Balance Beginning Balance Ending Balance Ending Balance Operating Expanca Beginning Balance Ending Balance Prepare a balance sheet as of December 31, Year 1. (Do not round your intermediate calculations. Amounts to be deducted should be indicated with minus sign.) CHOCTAW COMPANY Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Stockholders' equity Total Paid-In Capital Retained Earnings Total Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity