44 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 $440,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 110,000 shares of the common stock at $59 cash per share. b. Reacquired 29,000 shares at $54 cash per share. c. Reissued 12,000 shares from treasury for $55 per share. d. Reissued 12,000 shares from treasury for $53 per share.

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 $440,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 110,000 shares of the common stock at $59 cash per share. b. Reacquired 29,000 shares at $54 cash per share. c. Reissued 12,000 shares from treasury for $55 per share. d. Reissued 12,000 shares from treasury for $53 per share. 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 $440,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 110,000 shares of the common stock at $59 cash per share. b. Reacquired 29,000 shares at $54 cash per share. c. Reissued 12,000 shares from treasury for $55 per share. d. Reissued 12,000 shares from treasury for $53 per share