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 $390,000 of net income and declared no dividends; the following selected transactions occured in the order given: a. Issued 120,000 shares of the common stock at $54 cash per share. b. Reacquired 24,000 shares at $49 cash per share. c. Reissued 9,500 shares from treasury for $50 per share. d. Reissued 9,500 shares from treasury for $48 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, Liabilities and Stockholders' Equity with a minus sign.) a. Cash a. b. Cash C. Cash C. d. Cash d. Assets 6,480,000 Liabilities Stockholders' Equity +Common Stock +Additional Paid-In Capital, Common Stock +Treasury Stock +Treasury Stock +Additional Paid-In Capital, Common Stock Treasury Stock +Additional Paid-In Capital, Common Stock