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 $330,000 of net income, declared no dividends, and the following selected transactions occurred in the order given:

1. Issued 120,000 shares of the common stock at $48 cash per share.
2. Reacquired 18,000 shares at $43 cash per share.
3. Reissued 6,500 shares from treasury for $44 per share.
4. Reissued 6,500 shares from treasury for $42 per share.

Prepare journal entries to record each transaction.

1. Record the issuance of 120,000 shares of common stock with a $5 par value for a price of $48 per share.
2. Record the purchase of 18,000 shares of previously issued common stock for a price of $43 per share.
3. Record the re-issuance of 6,500 shares of treasury stock previously purchased for a price of $43 per share and sold for $44 per share.
4. Record the re-issuance of 6,500 shares of treasury stock previously purchased for $43 per share and sold for $42 per share.

Prepare the stockholders' equity section of the balance sheet at December 31.