Choctaw Co completed the following transactions in 2018 the

Choctaw Co. completed the following transactions in 2018, the first year of operation 1. Issued 28,000 shares of $10 par common stock for $10 per share. 2. Issued 3,800 shares of $20 stated value preferred stock for $20 per share 3. Purchased 1,800 shares of common stock as treasury stock for $12 per share. 4. Declared a $2,800 cash dividend on preferred stock. 5. Sold 800 shares of treasury stock for $14 per share 6. Paid $2,800 cash for the preferred dividend declared in Event 4. 7. Earned cash revenues of $94,000 and incurred cash expenses of $49,000. 8. Appropriated $8,800 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.

Event

Assets

liabilities

cash

dividend payable

preferred stock

common stock

+ paid in capital in excess- treasury stock

Treasury stock

retained earnings

appropriated retained earning

Accounting title retained earning

280000

76000

-21600

2800

-2800

11200

1600

9600

-2800

45000

-8800

8800

total

387800

76000

280000

1600

-12000

33400

8800

statement of stockholders Equity

common stock

280000

preferred stock

76000

additional paid in capital in excess -treasury stock

1600

less treasury stock

-12000

total paid in capital

345600

retained earning

unappropriated

33400

appropriated

8800

total retained earning

42200

total stockholders equity

387800

Event	Assets	=	liabilities
	cash	=	dividend payable	+	preferred stock	+	common stock	+	+ paid in capital in excess- treasury stock	-	Treasury stock	+	retained earnings	+	appropriated retained earning	Accounting title retained earning
1-	280000	=	0	+	0	+	280000	+	0	-	0	+	0	+	0	NA
2-	76000	=	0	+	76000	+	0	+	0	-	0	+	0	+	0	NA
3-	-21600	=	0	+	0	+	0	+	0	-	-21600	+	0	+	0	NA
4-		=	2800	+	0	+	0	+	0	-	0	+	-2800	+	0	-
5-	11200	=	0	+	0	+	0	+	1600	-	9600	+	0	+	0	NA
6-	-2800	=	-2800	+	0	+	0	+	0	-	0	+	0	+	0	NA
7-	45000	=	0	+	0	+	0	+	0	-	0	+	45000	+	0	+
8-	0	=	0	+	0	+	0	+	0	-	0	+	-8800	+	8800	-
total	387800	=	0	+	76000	+	280000	+	1600	-	-12000	+	33400	+	8800


statement of stockholders Equity
common stock		280000
preferred stock		76000
additional paid in capital in excess -treasury stock		1600
less treasury stock		-12000
total paid in capital			345600
retained earning
unappropriated		33400
appropriated		8800
total retained earning			42200
total stockholders equity			387800

Choctaw Co completed the following transactions in 2018 the

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