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Choctaw Co


Choctaw Co. completed the following transactions in 2018, the first year of operation: 
1. Issued 24,000 shares of $10 par common stock for $10 per share. 2. Issued 3,400 shares of $20 stated value preferred stock for $20 per share. 3. Purchased 1,400 shares of common stock as treasury stock for $12 per share. 4. Declared a $2,400 cash dividend on preferred stock. 5. Sold 800 shares of treasury stock for $14 per share. 6. Paid $2,400 cash for the preferred dividend declared in Event 4. 7. Earned cash revenues of $86,000 and incurred cash expenses of $45,000. 8. Appropriated $8,400 of retained earnings. 
Required a. Organize the transaction in accounts under an accounting equation. b. Prepare the stockholders' equity section of the balance sheet as of December 31, 2018. 

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