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 $420,000 of net income and declared no dividends; the following selected transactions occurred in the order given:

1. Issued 120,000 shares of the common stock at $57 cash per share.
2. Reacquired 27,000 shares at $52 cash per share.
3. Reissued 11,000 shares from treasury for $53 per share.
4. Reissued 11,000 shares from treasury for $51 per share.

Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and ockholders' Equity with a minus sign.) 3. Prepare the stockholders' equity section of the balance sheet at December 31 minus sign.)