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Required information (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 $400,000 of net income and the following selected transactions occurred in the order given a. Issued 100,000 shares of the common stock at $55 cash per share. b. Reacquired 25,000 shares at $50 cash per share. c. Reissued 10,000 shares from treasury for $51 per share. d. Reissued 10,000 shares from treasury for $49 per share. 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 Record the issuance of 100,000 shares of common stock with a $5 par value for a price of $55 per share. r value Record the purchase of 25,000 shares of previously issued common stock for a price of $50 per share. 2 3 Record the re-issuance of 10,000 shares of treasury stock previously purchased for a price of $50 per share and sold for $51 per share. 4 Record the re-issuance of 10,000 shares of treasury stock previously purchased for $50 per share and sold for $49 per share. 5,500,000 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.) GLOBAL MARINE Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital Total Contributed Capital Total Total Stockholders' Equity