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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 $480,000 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 $63 cash per share. b. Reacquired 33,000 shares at $58 cash per share. c. Reissued 14,000 shares from treasury for $59 per share. d. Reissued 14,000 shares from treasury for $57 per share. 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by minus sign.)