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 declared no dividends; the following selected transactions occurred in the order given:

Issued $110,000$ shares of the common stock at $$52$ cash per share.

Reacquired $22,000$ shares at $$47$ cash per share.

Reissued $8,500$ shares from treasury for $$48$ per share.

Reissued $8,500$ shares from treasury for $$46$ per share.

Required:

$1.$ Indicate the account, amount, and direction of the effect on above transaction. $($Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.$)2.$ 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.$)3.$ Prepare the stockholders$$ equity section of the balance sheet at December $31.($Amounts to be deducted should be indicated by a minus sign.$)$