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 $420,000 of net income and the following selected transactions occurred in the order given: a. Issued 120,000 shares of the common stock at $57 cash per share. b. Reacquired 27,000 shares at $52 cash per share. c. Reissued 11,000 shares from treasury for $53 per share. d. Reissued 11,000 shares from treasury for $51 per share.

	Assets		=	Liabilities		+	Stockholders Equity
a.	Cash						Common Stock
							Additional Paid-in Capital, Common Stock
b.	Cash						Treasury Stock
c.	Cash						Treasury Stock
							Additional Paid-in Capital, Treasury Stock
d.	Cash						Treasury Stock
							Additional Paid-in Capital, Treasury Stock

Prepare journal entries to record each transaction

• Record the issuance of 120,000 shares of common stock with a $5 par value for a price of $57 per share.
• 2
  Record the purchase of 27,000 shares of previously issued common stock for a price of $52 per share.
• 3
  Record the re-issuance of 11,000 shares of treasury stock previously purchased for a price of $52 per share and sold for $53 per share.
• 4
  Record the re-issuance of 11,000 shares of treasury stock previously purchased for $52 per share and sold for $51 per share.

Transaction	General Journal	Debit	Credit
a