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 $460,000 of net income and the following selected transactions occurred in the order given:

a.	Issued 100,000 shares of the common stock at $61 cash per share.
b.	Reacquired 31,000 shares at $56 cash per share.
c.	Reissued 13,000 shares from treasury for $57 per share.
d.	Reissued 13,000 shares from treasury for $55 per share.

References

section breakPA11-1 Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance and Purchase Transactions [LO 11-2]

26.

value: 0.37 points

Required information

PA11-1 Part 1

Required:
1.	Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to account balances with a minus sign.)

References

eBook & Resources

Accounting EquationDifficulty: 2 Medium

PA11-1 Part 1Learning Objective: 11-02 Explain and analyze common stock transactions.

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27.

value: 0.37 points

Required information

PA11-1 Part 2

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.)