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 $370,000 of net income and the following selected transactions occurred in the order given a issued 10,000 shares of the common stock at $52 cash per share b Reacquired 22,000 shares at $47 cash per share C.Reissued 8,500 shares from treasury for $48 per share d. Reissued 8,500 shares from treasury for $46 per share section break PA11-1 Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Slock Issuence and Purchase Transactions LO 11- 2] Required information 0.50 points PA11-1 Part 1 Required: 1. Indicate the account, amount. and direction of the effect on above transaction. (Enter any decreases to account balances with a minus sign.) Liabilities Assets 2. Prepare joumal entries to record each transaction (If no entry is required for a transaction/event, select Journal Entry Required, in the first account feld.) View transaction list Import a new list Record the issuance of 110,000 shares of common stock with a $5 par value for a price of $52 per share. 1 r a price of Record the purchase of 22.000 shares of previously issued common stock for a price of $47 per share 2 Record the re-issuance of 8,500 shares of treasury stock previously purchased for a price of $47 per share and sold for $48 per share 3 Credit 4 Record the re-issuance of 8,500 shares of treasury stock previously purchased for $47 per share and sold for $46 per share. journal entry has been entered Record entry Clear entry View generall journal 23. 090 points Required information PA11-1 Part 3 3. Prepare the stockhokders 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 Total Stockholders'Equity