PA11-1 Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance and Purchase Transactions [ LO 11-2]

Global Marine obtained a charter from the state in January 2013, which authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $450,000 of net income and the following selected transactions occurred in the order given:

a.	Issued 120,000 shares of the common stock at $60 cash per share.
b.	Reacquired 30,000 shares at $55 cash per share.
c.	Reissued 12,500 shares from treasury for $56 per share.
d.	Reissued 12,500 shares from treasury for $54 per share.

Prepare the stockholders' equity section of the balance sheet at December 31,2013. (Amounts to be deducted should be indicated by a minus sign.) GLOBAL MARINE Balance Sheet (partial) At December 31, 2013 Stockholders' Equity Contributed Capital: Common Stock dollar 600,000 Additional Paid-in Capital 600,000 Additional Paid-in Capital 62,500 Additional Paid-in Capital 62,500 Total Contributed Capital 1,325,000 Retained Earnings 450,000 Total 1,775,000 Treasury Stock at Cost (1,250,000) Total Stockholders' Equity dollar 525.000