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 $470,000 of net income and the following selected transactions occurred in the order given:

a.

Issued 110,000 shares of the common stock at $62 cash per share.

b.

Reacquired 32,000 shares at $57 cash per share.

c.

Reissued 13,500 shares from treasury for $58 per share.

d. Reissued 13,500 shares from treasury for $56 per share.

a)Record the issuance of 110,000 shares of common stock with a $5 par value for a price of $62 per share.

b)Record the purchase of 32,000 shares of previously issued common stock for a price of $57 per share.

c)Record the re-issuance of 13,500 shares of treasury stock previously purchased for a price of $57 per share and sold for $58 per share.

d) Record the re-issuance of 13,500 shares of treasury stock previously purchased for $57 per share and sold for $56 per share.

Prepare the stockholders 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	$