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1 Required information PA 1 1 - 1 ( Algo ) Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving

1
Required information
PA11-1(Algo) Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial
Balance Sheet Involving Stock Issuance and Purchose Transoctions [LO 11-2]
[The following information applies to the questions displayed below.]
Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 por
value. During the first year, the company earned $450,000 of net income and declared no dividends; the following
selected transoctions occurred in the order given:
a. Issued 120,000 shares of the common stock at $60 cash per share.
b. Reacquired 30,000 shares ot $55 cash per share.
c. Reissued 12,500 shares from treasury for $56 per share.
d. Reissued 12,500 shares from treasury for $54 per share.
PA11-1(Algo) Part 3
Prepore the stockholders' equity section of the balance sheet of December 31.(Amounts to be deducted should be indicated by a
minus sign.)
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