Global Marine obtained a charter from the state in January that authorized $1,000,000$ shares of common stock, $$5$ par value. During the first year, the company earned $$350,000$ of net income and declared no dividends; the following selected transactions occurred in the order given:

a$.$ Issued $100,000$ shares of the common stock at $$50$ cash per share.

b$.$ Reacquired $20,000$ shares at $$45$ cash per share.

c$.$ Reissued $7,500$ shares from treasury for $$46$ per share.

d$.$ Reissued $7,500$ shares from treasury for $$44$ per share.

PA$11-1($Algo$)$ Part $3$

$3.$ Prepare the stockholders' equity section of the balance sheet at December $31.($Amounts to be deducted should be indicated by a minus sign.$)$