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. PA11-1 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.)