$1$

Required information

PA$11-1($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.

PA$11-1($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.$)$