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

$[$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, $$5$ par value. During the first year, the company earned $$430,000$ of net income and declared no dividends; the following selected transactions occurred in the order given:

a$.$ Issued $100,000$ shares of the common stock at $$58$ cash per share.

b$.$ Reacquired $28,000$ shares at $$53$ cash per share.

c$.$ Reissued $11,500$ shares from treasury for $$54$ per share.

d$.$ Reissued $11,500$ shares from treasury for $$52$ per share.

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

Required:

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.$)$

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