Required information PA11-1 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, 55 par value. During the first year, the company earned $500.000 of net income, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 110,000 shares of the common stock at $65 cash per share. b. Reacquired 35,000 shares at $60 cash per share. C. Reissued 15,000 shares from treasury for $61 per share. d. Reissued 15,000 shares from treasury for $59 per share. PA11-1 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.) Stockholders' E Liabilities Assets Required information Journal entry worksheet Record the issuance of 110,000 shares of common stock with a $5 par value for a price of $65 per share. Note: Enter debits before credits. Transaction General Journal D ebit Credit 11 Record entry Clear entry View general journal PA11-1 Part 3 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducteds minus sign.) GLOBAL MARINE Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: O Total Contributed Capital O Total O Total Stockholders' Equity