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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 company earned $340,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 110,000 shares of the common stock at $49 cash per share. b. Reacquired 19,000 shares at $44 cash per share, c. Reissued 7,000 shares from treasury for $45 per share. d. Reissued 7,000 shares from treasury for $43 per share. 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be dieducted should be indicated by a minus sign.)