Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value and 500,000 shares of $100 par value 5% non-cumulative preferred stock. During the first year, the company earned $800,000 of net income, declared dividends of $350,000, and the following selected transactions occurred in the order given.

a. Issued 100,000 shares of the common stock at $55 cash per share.

b. Issued 50,000 shares of the preferred stock at $120 cash per share.

c. Reacquired 25,000 shares at $50 cash per share.

d. Reissued 10,000 shares from treasury for $51 per share.

e. Reissued 10,000 shares from treasury for $48 per share.

Required:

1. Prepare the journal entry for the transactions.

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

3. Determine the dividend per share for the common and preferred stock.

Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value and 500,000 shares of $100 par value 5% non-cumulative preferred stock. During the first year, the company earned $800,000 of net income, declared dividends of $350,000, and the following selected transactions occurred in the order given. a. Issued 100,000 shares of the common stock at $55 cash per share. b. Issued 50,000 shares of the preferred stock at $120 cash per share. c Reacquired 25,000 shares at $50 cash per share. d. Reissued 10,000 shares from treasury for $51 per share. e. Reissued 10,000 shares from treasury for $48 per share. Required: 1. Prepare the journal entry for the transactions 2. Prepare the stockholders' equity section of the balance sheet at December 31. 3. Determine the dividend per share for the common and preferred stock. Date Account Titles and Explanation Debit Credit TE # of shares isssued # Shrs in Treasury # of Shrs Out 3 Common Stock Preferred Stock Preferred Dividends_ per share # of Shrs Out Per Shr Div Total Pref Div Preferred Stock Dividends left for common stock # of Shrs Out Per Shr Div Common Stock