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

1. Issued 24,000 shares of $10 par common stock for $10 per share.
2. Issued 3,400 shares of $20 stated value preferred stock for $20 per share.
3. Purchased 1,400 shares of common stock as treasury stock for $12 per share.
4. Declared a $2,400 cash dividend on preferred stock.
5. Sold 800 shares of treasury stock for $14 per share.
6. Paid $2,400 cash for the preferred dividend declared in Event 4.
7. Earned cash revenues of $86,000 and incurred cash expenses of $45,000.
8. Closed revenue, expense, and dividend accounts to the retained earnings account.
9. Appropriated $8,400 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. 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.) Complete this question by entering your answers in the tabs below. Journal entry worksheet Issued 24,000 shares of $10 par common stock for $10 per share. Record the transaction. Note: Enter debits before credits