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 $430,000 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 $58 cash per share. b. Reacquired 28,000 shares at $53 cash per share. c. Reissued 11,500 shares from treasury for $54 per share. d. Reissued 11,500 shares from treasury for $52 per share. 3. 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 Total Stockholders' Equity