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Choctaw Company completed the following transactions in Year 1, the first year of operation: ...

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Accounting

Choctaw Company completed the following transactions in Year 1, the first year of operation:
Issued 20,000 shares of $10 par common stock for $10 per share.
Issued 3,000 shares of $20 stated value preferred stock for $20 per share.
Purchased 1,000 shares of common stock as treasury stock for $12 per share.
Declared a $2,000 cash dividend on preferred stock.
Sold 500 shares of treasury stock for $14 per share.
Paid $2,000 cash for the preferred dividend declared in Event 4.
Earned cash revenues of $78,000 and incurred cash expenses of $41,000.
Closed revenue, expense, and dividend accounts to the retained earnings account.
Appropriated $8,000 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.

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