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 eamed $300.000 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 $45 cash per share. b. Reacquired 15,000 shares at $40 cash per share. c. Reissued 5.000 shares from treasury for $41 per share d. Reissued 5.000 shares from treasury for $39 per share. 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicoted by a ninus sign.)