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 $320,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 100,000 shares of the common stock at $47 cash per share. b. Reacquired 17,000 shares at $42 cash per share. c. Reissued 6,000 shares from treasury for $43 per share. d. Reissued 6,000 shares from treasury for $41 per share. 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.) 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 field.) Journal entry worksheet Record the issuance of 100,000 shares of common stock with a $5 par value for a price of $47 per share. Journal entry worksheet Record the purchase of 17,000 shares of previously issued common stock for a price of $42 per share. Journal entry worksheet Record the re-issuance of 6,000 shares of treasury stock previously purchased for a price of $42 per share and sold for $43 per share. Journal entry worksheet 1 Record the re-issuance of 6,000 shares of treasury stock previously purchased for $42 per share and sold for $41 per share