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, declared no dividends, and the following selected transactions occurred in the order given:

1. Issued 120,000 shares of the common stock at $60 cash per share.
2. Reacquired 30,000 shares at $55 cash per share.
3. Reissued 12,500 shares from treasury for $56 per share.
4. Reissued 12,500 shares from treasury for $54 per share.

Required:

1. Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.)

Required information [The following information applies to the questions displayed below.) 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, declared no dividends, and 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. Required: 1. Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.) Assets Liabilities + Stockholders' Equity 7,200,000