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All questions have the same required information as they are connected. Please help with what I got wrong and what I am missing! Thank you!
All questions have the same required information as they are connected. Please help with what I got wrong and what I am missing! Thank you!
Required information [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 par value. During the first year, the company earned $400,000 of net income and the following selected transactions occurred in the order given: a. Issued 100,000 shares of the common stock at $55 cash per share. b. Reacquired 25,000 shares at $50 cash per share. c. Reissued 10,000 shares from treasury for $51 per share. d. Reissued 10,000 shares from treasury for $49 per share Required: 1. Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to account balances with a minus sign.) Answer is not complete. Assets Liabilities a Cash Common Stock Additional Paid-n Capital, Common S Treasury Stock Treasury Stock Additional Paid-in Capital, Treasury S Treasury Stock Additional Paid-in Capital, Treasury S b. Cash c. Cash d. Cash 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.) 3 Answer Is complete but not entirely correct. No Transaction General Journal Debit Cash 5,500,000 Common Stock 500,000 5,000,000 Additional Paid-in Capital, Common Stock 2 Treasury Stock 1.250,000 Cash 1,250,000 3 510,000 Cash Treasury Stock Additional Paid-in Capital, Treasury Stock 500,000 10,000 490,0003 10,000 8 4 Cash Additional Paid-in Capital, Treasury Stock 500,000 Treasury Stock 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 0Step by Step Solution
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