Problem 11-29A (Static) Recording and reporting treasury stock transactions LO 11-3, 11-4, 11-5, 11-6, 11-8 Choctaw Company completed the following transactions in Year 1, 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 preforred 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 tetained earnings. Required a. Organize the tansaction in accounts under an accounting equation. b. Prepare a balance sheet as of December 31 , Year 1 rganize the transaction in sccounts under an accounting equation: Ote: Enter anv docreases to accoum batances with b minut man. Nat all cells reauire inout. Prepare the stockholders' equity section of the balance sheet as of December 31 , Year 1. Mata. Manativa amainte chnuild he indiratad hu a minus sian