3. Prepare the stockholders equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.)

Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $300,000 of net income and declared no dividends; the following selected transactions occurred in the order given:

Issued 120,000 shares of the common stock at $45 cash per share.

Reacquired 15,000 shares at $40 cash per share.

Reissued 5,000 shares from treasury for $41 per share.

Reissued 5,000 shares from treasury for $39 per share.

PA11-1 (Algo) Part 3

3. Prepare the stockholders equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.)

GLOBAL MARINE Balance Sheet (Partial) At December 31 ences