PA11-1 Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock lssuance and Purchase Transactions LO 11-2] The following information applies to the questions displayed below.j 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 $310,000 of net income and the following selected transactions occurred in the order given: a. Issued 110,000 shares of the common stock at $46 cash per share. b. Reacquired 16,000 shares at $41 cash per share. c. Reissued 5,500 shares from treasury for $42 per share d. Reissued 5,500 shares from treasury for $40 per share