Required information Skip to question [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 $310,000 of net income and declared no dividends; the following selected transactions occurred in the order given: Issued 110,000 shares of the common stock at $46 cash per share. Reacquired 16,000 shares at $41 cash per share. Reissued 5,500 shares from treasury for $42 per share. Reissued 5,500 shares from treasury for $40 per share.

3. Prepare the stockholders equity section of the balance sheet at December 31.