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

26 PA11-1 Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet involving Stock issuance and Purchase Transactions LO 11-2 IThe following information applies to the questions displayed belowj Global Marine obtained a charter from the state in January that authorized 1000.000 shares of commo stock, $5 par value. During the first year, the company earned $490,000 of net income and the following selected transactions occurred in the order given: a. Issued 100,000 shares of the common stock at $64 cash per share. b. Reacquired 34.000 shares at $59 cash per share. Reissued 4,500 shares from treasury for $60 per share. d. Reissued 14,500 shares from treasury for $58 per share. References section break PA11-1 Analyzing Accounting Equation Effects. Recording Journal Entries and Preparing a Partial Balance Sheet Involving Stock issuance and Purchase Transactions LO 112) Required 0.37 points PA11-1 Part 1 Required: 1. Indicate the account, amount, and direction of the effecton above transaction. (Enter any decreases to account balances with a minus sign) Liabilities Stockholders' Equity