Question
Global Marine obtained a charter from the state in January 2013, which authorized 1,000,000 shares of common stock, $5 par value. During the first year,
Global Marine obtained a charter from the state in January 2013, which authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $410,000 of net income and the following selected transactions occurred in the order given: |
a. | Issued 110,000 shares of the common stock at $56 cash per share. |
b. | Reacquired 26,000 shares at $51 cash per share. |
c. | Reissued 10,500 shares from treasury for $52 per share. |
d. | Reissued 10,500 shares from treasury for $50 per share. |
Required: | |||||
1. | Indicating the account, amount, and direction of the effect (+ for increase and ? for decrease) for the above transaction. (Enter all amounts as positive values.)
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