Problem 11-28A Recording and reporting treasury stock transactions LO 11-3, 11-4, 11-5, 11-6, 11-8 Choctaw Co. completed the following transactions in Year 1, the first year of operation: 1. Issued 38,000 shares of $12 par common stock for $12 per share. 2. Issued 4,800 shares of $20 stated value preferred stock for $20 per share. 3. Purchased 2,800 shares of common stock as treasury stock for $14 per share. 4. Declared a $3,800 cash dividend on preferred stock. 5. Sold 1,800 shares of treasury stock for $16 per share. 6. Paid $3,800 cash for the preferred dividend declared in Event 4. 7. Earned cash revenues of $114,000 and incurred cash expenses of $59,000 8. Closed revenue, expense, and dividend accounts to the retained earnings account. 9. Appropriated $9,800 of retained earnings. Required: a. Prepare journal entries to record these transactions and post them to T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculations.) View transaction list Journal entry worksheet ... Issued 38,000 shares of $12 par common stock for $12 per share. Note: Enter debits before credits. Event General Journal Debit Credit 1. Record entry Clear entry View general Journal Cash Dividends Payable Beg. Bal. Beg. Bal. End. Bal. End. Bal. + Retained Earnings Appropriated Retained Earnings Beg. Bal. Beg. Bal. End. Bal. End. Bal. Preferred Stock Common Stock Beg. Bal. Beg. Bal End. Bal End. Bal. PIC in Exc. of Cost TS Treasury Stock Beg. Bal. Beg. Bal. Preferred Stock Common Stock Beg. Bal. Beg. Bal End. Bal. End. Bal. PIC in Exc. of Cost TS Treasury Stock Beg. Bal. Beg. Bal. End. Bal. End. Bal. Dividends Service Revenue Beg. Bal. Beg. Bal. End. Bal. End. Bal. Operating Expenses Beg. Bal. End. Bal. b. Prepare a balance sheet as of December 31, Year 1. (Amounts to be deducted should be indicated with minus sign.) CHOCTAW CO. Balance Sheet As of December 31, Year 1 Assets 0 Total assets Liabilities Stockholders' equity 0 Total Paid-In Capital Retained Earnings Total Retained Earnings 0 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity $