solve all parts and show work excatly how it wants in the problem with journal entries and T-accounts and then posting it to a balance sheet. problem 9

Choctaw Company completed the following transactions in Year 1, the first year of operation: 1. Issued 40,000 shares of $12 par common stock for $12 per share. 2. Issued 5,000 shares of $20 stated value preferred stock for $20 per share. 3. Purchased 3,000 shares of common stock as treasury stock for $14 per share. 4. Declared a $4,000 cash dividend on preferred stock. 5. Sold 2,200 shares of treasury stock for $16 per share. 6. Paid $4,000 cash for the preferred dividend declared in Event 4 . 7. Earned cash revenues of $118,000 and incurred cash expenses of $61,000. 8. Closed revenue, expense, and dividend accounts to the retained earnings account. 9. Appropriated $10,000 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. Journal entry worksheet Issued 40,000 shares of $12 par common stock for $12 per share. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Issued 5,000 shares of $20 stated value preferred stock for $20 per share. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Purchased 3,000 shares of common stock as treasury stock for $14 per share. Record the transaction. Note: Enter debits before credits, Journal entry worksheet A Declared a $4,000 cash dividend on preferred stock. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Sold 2,200 shares of treasury stock for $16 per share. Record the transaction. Note: Enter debits before credits. Journal entry worksheet A B C D E (H) L Paid $4,000 cash for the preferred dividend declared in Event 4. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Earned cash revenues of $118,000. Record the transaction. Note: Enter debits before credits, Journal entry worksheet Incurred cash expenses of $61,000. Record the transaction. Note: Enter debits before credits. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the operating expense account. Note: Enter debits before credits, Journal entrv worksheet Note: Enter debits before credits. Journal entry worksheet Appropriated $10,000 of retained earnings. Record the transaction. Note: Enter debits before credits. \begin{tabular}{|l|l|l|l|l|l|l|} \hline Beginning Balance & Paid-in Capital in Excess of Cost of Treasury Stock \\ \hline Ending Balance & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ CHOCTAW COMPANY } \\ \hline \multicolumn{3}{|c|}{ Balance Sheet } \\ \hline \multicolumn{3}{|c|}{ As of December 31 , Year 1} \\ \hline \multicolumn{3}{|l|}{ Assets } \\ \hline \multicolumn{3}{|l|}{ Cash } \\ \hline \multicolumn{3}{|l|}{ Common stock } \\ \hline Total assets & $ & 0 \\ \hline \multicolumn{3}{|l|}{ Liabilities } \\ \hline \multicolumn{3}{|l|}{ Stockholders' equity } \\ \hline \\ \hline & & \\ \hline \\ \hline \\ \hline Total Paid-In Capital & & 0 \\ \hline \multicolumn{3}{|l|}{ Retained Earnings } \\ \hline \\ \hline & & \\ \hline Total Retained Earnings & & 0 \\ \hline & & \\ \hline Total Stockholders' Equity & & 0 \\ \hline Total Liabilities and Stockholders' Equity & $ & 0 \\ \hline \end{tabular}