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 $410,000 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 $56 cash per share, b. Reacquired 26,000 shares at $51 cash per share. c. Relssued 10,500 shares from treasury for $52 per share d. Reissued 10,500 shares from treasury for $50 per share. PA11-1 (Algo) Part 2 a 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 Journal entry worksheet 1 2 3 4 Record the issuance of 110,000 shares of common stock with a $5 par value for a price of $56 per share. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal 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 $410,000 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 $56 cash per share b. Reacquired 26,000 shares at $51 cash per share. c Reissued 10,500 shares from treasury for $52 per share. d. Reissued 10,500 shares from treasury for $50 per share. PA11-1 (Algo) Part 3 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted shou be indicated by a minus sign.) GLOBAL MARINE Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: 0 Total Contributed Capital Total 0 Total Stockholders' Equity $ 0