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Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of cornmon stock, $5 par value. During the first year, the

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Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of cornmon stock, $5 par value. During the first year, the company eamed $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: Required: 1. Indicate the account, amount, and direction of the effect on above transaction. (Enter ony decreases to Assets, Liabilities and Coallinaliare' Eaulty with a minus sign.) account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and Equity with a minus sign.)

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