Required information PA11-1 (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 $470,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 110,000 shares of the common stock at $62 cash per share. b. Reacquired 32,000 shares at $57 cash per share. c. Reissued 13,500 shares from treasury for $58 per share. d. Reissued 13,500 shares from treasury for $56 per share. PA11-1 (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.) 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.)