Choctaw Company completed the following transactions in Year 1, the first year of operation 1 Issued 31,000 shares of $10 par common stock for $10 per share 2 Issued 4,100 shares of $20 stated value preferred stock for $20 per share 3 Purchased 2,100 shares of common stock as treasury stock for $12 per share 4 Declared a $3,100 cash dividend on preferred stock 5 Sold 800 shares of treasury stock for $14 per share 6 Paid $3,100 cash for the preferred dividend declared in Event 4 7 Earned cash revenues of $100,000 and incurred cash expenses of $52,000 8 Closed revenue, expense, and dividend accounts to the retained earnings account 9 Appropriated $9,100 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 Complete this question by entering your answers in the tabs below 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 )

Question

Choctaw Company completed the following transactions in Year 1, the first year of operation  1  Issued 31,000 shares of $10 par common stock for $10 per share  2  Issued 4,100 shares of $20 stated value preferred stock for $20 per share  3  Purchased 2,100 shares of common stock as treasury stock for $12 per share  4  Declared a $3,100 cash dividend on preferred stock  5  Sold 800 shares of treasury stock for $14 per share  6  Paid $3,100 cash for the preferred dividend declared in Event 4  7  Earned cash revenues of $100,000 and incurred cash expenses of $52,000  8  Closed revenue, expense, and dividend accounts to the retained earnings account  9  Appropriated $9,100 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  Complete this question by entering your answers in the tabs below  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 )

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Choctaw Company completed the following transactions in Year 1, the first year of operation: 1. Issued 31,000 shares of $10 par common stock for $10

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