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 $450,000 of net income and declared no dlvidends; the following selected transactions occurred in the order given: a. Issued 120,000 shares of the common stock at $60 cash per share. b. Reacquired 30,000 shares at $55 cash per share. c. Reissued 12,500 shares from treasury for $56 per share. d. Reissued 12,500 shares from treasury for $54 per share. PA11-1 (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.)