Reference no: EM133061069
Question - Choctaw Co. completed the following transactions in Year 1, the first year of operation.
1. Issued 21,000 shares of $12 par common stock for $12 per share.
2. Issued 3.100 shares of $22 stated value preferred stock for $22 per share.
3. Purchased 1,100 shares of common stock as treasury stock for $14 per share.
4. Declared a $2,100 cash dividend on preferred stock.
5. Sold 600 shares of treasury stock for $16 per share.
6. Paid $2,100 cash for the preferred dividend declared in Event 4.
7. Earned cash revenues of $80,000 and incurred cash expenses of $42,000.
8. Appropriated $8,100 of retained earnings.
Required -
a. Organize the transaction in accounts under an accounting equation.
b. Prepare a balance sheet as of December 31, Year 1.
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