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 $440,000 of net income and the following selected transactions occurred in the order given:

a. Issued 110,000 shares of the common stock at $59 cash per share.

b. Reacquired 29,000 shares at $54 cash per share.

c. Reissued 12,000 shares from treasury for $55 per share.

d. Reissued 12,000 shares from treasury for $53 per share.

1.

Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

1).Record the issuance of 110,000 shares of common stock with a $5 par value for a price of $59 per share.

2). Record the purchase of 29,000 shares of previously issued common stock for a price of $54 per share.

3) Record the re-issuance of 12,000 shares of treasury stock previously purchased for a price of $54 per share and sold for $55 per share.

4) Record the re-issuance of 12,000 shares of treasury stock previously purchased for $54 per share and sold for $53 per share.

2.	Prepare the stockholders equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.)