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 $350,000 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 $50 cash per share. b. Reacquired 20,000 shares at $45 cash per share. c. Reissued 7,500 shares from treasury for $46 per share. d. Reissued 7,500 shares from treasury for $44 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 As Liabilities and Stockholders' Equity with a minus sign.) Assets Liabilities a a. b H1 H11 C C. d. d