I am having issues with this question. Chapter 8, Problem 26P for Survey of Accounting 5th addition. I have attached my scratch work of what I have been working on.

Problem 8-26 Treasury stock transactions and appropriation of retained earnings

Choctaw Co. completed the following transactions in 2018, the first year of operation:

1. Issued 20,000 shares of $10 par common stock for $10 per share.

2. Issued 3,000 shares of $20 stated value preferred stock for $20 per share.

3. Purchased 1,000 shares of common stock as treasury stock for $12 per share.

4. Declared a $2,000 cash dividend on preferred stock.

5. Sold 500 shares of treasury stock for $14 per share.

6. Paid $2,000 cash for the preferred dividend declared in Event 4.

7. Earned cash revenues of $78,000 and incurred cash expenses of $41,000.

8. Appropriated $8,000 of retained earnings.

Required

1. Organize the transaction in accounts under an accounting equation.

2. Prepare the stockholders equity section of the balance sheet as of December 31, 2018.