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Required information PA11-1 (Algo) Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance and Purchase Transactions [LO 11-2] [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 and declared no dividends; 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. PA11-1 (Algo) Part 2 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fleld.) Journal entry worksheet Record the issuance of 120,000 shares of common stock with a $5 par value for a price of $60 per share. Note: Enter debits before credits. Journal entry worksheet Record the purchase of 30,000 shares of previously issued common stock for a price of $55 per share. Note: Enter debits before credits. Journal entry worksheet Record the re-issuance of 12,500 shares of treasury stock previously purchased for a price of $55 per share and sold for $56 per share. Note: Enter debits before credits. Journal entry worksheet 1 Record the re-issuance of 12,500 shares of treasury stock previously purchased for $55 per share and sold for $54 per share. Note: Enter debits before credits