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 $340.000 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 $49 cash per share. b. Reacquired 19,000 shares at $44 cash per share. c. Reissued 7,000 shares from treasury for $45 per share. d. Reissued 7,000 shares from treasury for $43 per share. 11-1 (Algo) Part 2 repare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal En uired" in the first account field.) 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 occount field.) 1 Record the issuance of 110,000 shares of common stock with a $5 par value for a price of $49 per share. 2 Record the purchase of 19,000 shares of previously issued common stock for a price of $44 per share. 3 Record the re-issuance of 7,000 shares of treasury stock previously purchased for a price of $44 per share and sold for $45 per share. Credit 4 Record the re-issuance of 7,000 shares of treasury stock previously purchased for $44 per share and sold for $43 per share. Note : = journal entry has been entered