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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
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, declared no dividends, and 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 Reissued 7,500 shares from treasury for $46 per share. d Reissued 7500 shares from treasury for $44 per share Required e 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 2 3 4 Record the issuance of 100,000 shares of common stock with a s5 par value for a price of $50 per share Record the purchase of 20,000 shares of previously issued common stock for a price of $45 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 4 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. Record the re-issuance of 7,500 shares of treasury stock previously purchased for $45 per share and sold for $44 per share. S0 lhe tollowing intormation 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 value. During the first year, the company earned $350,000 of net income, declared no dividends, and the follo 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 Reissued 7,500 shares from treasury for $46 per share. d Reissued 7,500 shares from treasury for $44 per share. ok inm 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be i minus sign.) ences GLOBAL MARINE Balance Sheet (Partial) At December 31 Stockholders Equity Contributed Capital
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