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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]

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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 opplies 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 $300,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 120,000 shares of the common stock at $45 cash per share. b. Reacquired 15,000 shares at $40 cash per share. c. Reissued 5,000 shares from treasury for $41 per share. d. Reissued 5,000 shares from treasury for $39 per share. PA11-1 (Algo) Part 3 3. Prepare the stockholders' equity section of the balance sheet at December 31 . (Amounts to be deducted should be indicated by a minus sign.) 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 opplies 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 $300,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 120,000 shares of the common stock at $45 cash per share. b. Reacquired 15,000 shares at $40 cash per share. c. Reissued 5,000 shares from treasury for $41 per share. d. Reissued 5,000 shares from treasury for $39 per share. PA11-1 (Algo) Part 3 3. Prepare the stockholders' equity section of the balance sheet at December 31 . (Amounts to be deducted should be indicated by a minus sign.)

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