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 $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. 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 field.) View transaction list Journal entry worksheet 2 3 4 Record the issuance of 110,000 shares of common stock with a $5 par value for a price of $49 per share. Note: Enter debits before credits View transaction list 13 Journal entry worksheet 1 3 Record the purchase of 19,000 shares of previously issued common stock for a price of $44 per share. Note: Enter debits before credits. Transaction b General Journal Debit Credit Record entry Clear entry View general journal 2 3 Record the re-issuance of 7,000 shares of treasury stock previously purchased for a price of $44 per share and sold for $45 per share. Note: Enter debits before credits. Transaction C General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 Record the re-issuance of 7,000 shares of treasury stock previously purchased for $44 per share and sold for $43 per share. Note: Enter debits before credits. Transaction d General Journal Debit Credit Record entry Clear entry View general journal