Required information

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

Skip to question

$[$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, $$5$ par value. During the first year, the company earned $$310,000$ of net income and declared no dividends; the following selected transactions occurred in the order given:

Issued $110,000$ shares of the common stock at $$46$ cash per share.

Reacquired $16,000$ shares at $$41$ cash per share.

Reissued $5,500$ shares from treasury for $$42$ per share.

Reissued $5,500$ shares from treasury for $$40$ per share.

PA$11-1($Algo$)$ Part $1$

Required:

$1.$ Indicate the account, amount, and direction of the effect on above transaction. $($Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.$)$