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 $350,000 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 $50 cash per share. b. Reacquired 20.000 shares at $45 cash per share. c. Relissued 7,500 shares from treasury for $46 per share. d. Reissued 7,500 shares from treasury for $44 per share. PA11-1 (Algo) Part 1 Required: 1. Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Llabilities and Stockhoiders' Equity with a minus sign.) 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "n Required" in the first account field.) 1 Record the issuance of 100,000 shdifes of common stock with a $5 par value for a price of $50 per share. 2. Record the purchase of 20,000 shares of previously issued common stock for a price of $45 per share. 3 Record the re-issuance of 7,500 shares of treasury stock previously purchased for a price of $45 per share and sold for $46 per share. 4 Record the re-issuance of 7,500 shares of treasury stock previously purchased for $45 per share and sold for $44 per share. Note : P= journal entry has been entered 3. Prepare the stockholders' equity section of the balance sheet at December 31 . (Amounts to be deducted minus sign.)