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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
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, $5 par value. During the first year, the company earned $460,000 of net income, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 100,000 shares of the common stock at $61 cash per share. b. Reacquired 31,000 shares at $56 cash per share. c. Reissued 13,000 shares from treasury for $57 per share d. Reissued 13,000 shares from treasury for $55 per share. Journal entry worksheet
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