Answer Happy

Choctaw Co. completed the following transactions in Year 1, thefirst year of operation: Issued 32,000 shares of $10 par commonstock for $10 per share. Issued 4,200 shares of $20 stated valuepreferred stock for $20 per share. Purchased 2,200 shares of commonstock as treasury stock for $12 per share. Declared a $3,200 cashdividend on preferred stock. Sold 900 shares of treasury stock for$14 per share. Paid $3,200 cash for the preferred dividend declaredin Event 4. Earned cash revenues of $102,000 and incurred cashexpenses of $53,000. Appropriated $9,200 of retained earnings.Required Organize the transaction in accounts under an accountingequation. Prepare the stockholders’ equity section of the balancesheet as of December 31, Year 1.