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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, declared no dividends, and the following selected transactions occurred in the order given:

1. Issued 110,000 shares of the common stock at $49 cash per share.
2. Reacquired 19,000 shares at $44 cash per share.
3. Reissued 7,000 shares from treasury for $45 per share.
4. Reissued 7,000 shares from treasury for $43 per share.

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.)

	Assets		=	Liabilities		+	Stockholders Equity
a.
b.
c.
d.

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 account field.)

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
a
		.
b.
c.

d.

3. Prepare the stockholders equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.)

GLOBAL MARINE

Balance sheet (partial)

At December 31

Stockholders Equity

Contributed Capital:
Total Contributed Capital:
Total:
Total Stockholders Equity: