solve all parts. for journal entries write out everything for each other. for the t-accounts, make sure you show what numbers are getting debited and what numbers r getting credited as well as the ending balance for each account. for the balance sheet, write out excatly what needs to go where and the numbers that follow along with it. thanks. 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 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 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. rvote: cinter vedits velore creaits. Journal entry worksheet Record the entry to close the operating expense account. Note: Enter debits before credits. Inurnal entry wnrkcheat Note: Enter debits before credits. Journal entry worksheet Appropriated $10,000 of retained earnings. Record the transaction. Note: Enter debits before credits. Post the entries to T-accounts. CHOCTAW COMPANY Balance Sheet As of December 31, Year 1 \begin{tabular}{|l|l|l|} \hline Assets & & \\ \hline Total assets & & \\ \hline Liabilities & & \\ \hline Stockholders' equity & & \\ \hline & & \\ \hline & & \\ \hline Total Paid-In Capital & & \\ \hline Retained Earnings & & \\ \hline Dividends & & \\ \hline & & \\ \hline Total Retained Earnings & \\ \hline & & \\ \hline Total Stockholders' Equity & \\ \hline Total Liabilities and Stockholders' Equity & \\ \hline \end{tabular}