Choctaw Company completed the following transactions in Year 1, the first year of operation: Issued 21,000 shares of $12 par common stock for $12 per share. Issued 3,100 shares of $22 stated value preferred stock for $22 per share. Purchased 1,100 shares of common stock as treasury stock for $14 per share. Declared a $2,100 cash dividend on preferred stock. Sold 600 shares of treasury stock for $16 per share. Paid $2,100 cash for the preferred dividend declared in Event 4. Earned cash revenues of $80,000 and incurred cash expenses of $42,000. Closed revenue, expense, and dividend accounts to the retained earnings account. Appropriated $8,100 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