5 Required Information art 1 of 3 PA11-1 (Algo) Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance and Purchase Transactions [LO 11-2] [The following information applies to the questions displayed below.] 22 nts 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 $340,000 of net income and declared no dividends; the following selected transactions occurred in the order given: Skipped eBook a. Issued 110,000 shares of the common stock at $49 cash per share. b. Reacquired 19,000 shares at $44 cash per share. C. Reissued 7,000 shares from treasury for $45 per share. d. Reissued 7,000 shares from treasury for $43 per share. Print PA11-1 (Algo) Part 1 Required: 1. Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Llabilities and Stockholders' Equity with a minus sign.) Assets Liabilities a. Cash 5,390,000/= a. b Cash 836,000= 315,000/= Stockholders' Equity Common Stock Additional Paid-In Capital, Common Stock Treasury Stock + Treasury Stock Additional Paid-In Capital, Treasury Stock Treasury Stock Additional Paid-In Capital, Treasury Stock C. Cash C. - d. Cash 301,000 = d. = 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 > Record the issuance of 110,000 shares of common stock with a $5 par value for a price of $49 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general journal PA11-1 (Algo) Part 2 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list X 1 > Record the issuance of 110,000 shares of common stock with a $5 par value for a price of $49 per share. tock for a 2 Record the purchase of 19,000 shares of previously issued common stock for a price of $44 per share. 3 Record the re-issuance of 7,000 shares of treasury stock previously purchased for a price of $44 per share and sold for $45 per share. Credit 4 Record the re-issuance of 7,000 shares of treasury stock previously purchased for $44 per share and sold for $43 per share. Note : = journal entry has been entered Record entry Clear entry View general journal 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 Stockholders' Equity Contributed Capital: Total Contributed Capital Total 0 Total Stockholders' Equity $