E11-3 (Static) Preparing the Stockholders' Equity Section of the Balance Sheet [LO 11-2, LO 11-4] North Wind Aviation received its charter during January authorizing the following capital stock: Preferred stock: 8 percent, par $10, authorized 20,000 shares. Common stock: par $1, authorized 50,000 shares. The following transactions occurred during the first year of operations in the order given: a. Issued a total of 40.000 shares of the common stock for $15 per share. b. Issued 10,000 shares of the preferred stock at $16 per share. c. Issued 3,000 shares of the common stock at $20 per share and 1,000 shares of the preferred stock at $16. d. Net income for the first year was $48,000, but no dividends were declared. Required: Prepare the stockholders' equity section of the balance sheet at December 31. Required information 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.] 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 $390.000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 120,000 shares of the common stock at $54 cash per share. b. Reacquired 24,000 shares at $49 cash per share. c. Reissued 9,500 shares from treasury for $50 per share. d. Reissued 9.500 shares from treasury for $48 per share. A11-1 (Algo) Part 2 2. Prepare journal entries to record each transaction. (If no entry is required for a transoction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet