Doulane Marine obtained a charter from the province in January that authorized 1,000,000 common shares. During the first year, the company earned $429,000 and the following selected transactions occurred in the order given:

1. Issued 700,000 common shares at $54 cash per share
2. Reacquired and cancelled 25,000 shares at $50 cash per share

Required: 1. Indicate the effects of each transaction on the accounting equation. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Assets + Liabilities = Shareholders equity

1		$		$		$
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.) 1- Issued $700000 common shares at $53 cash per share

2- reaquired and cancelled 25000 shares at $50 cash per share

3. Prepare the shareholders equity section of the balance sheet at December 31.

Shareholders equity December 31
Contributed captial
Total contributed captial
total shareholders equity