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 $430,000 of net income, declared no dividends, and the following selected transactions occurred in the order given Issued 100,000 shares of the common stock at $58 cash per share Reacquired 28,000 shares at $53 cash per share Reissued 11,500 shares from treasury for $54 per share Reissued 11,500 shares from treasury for $52 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 ) 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 ) 3 Prepare the stockholders equity section of the balance sheet at December 31 (Amounts to be deducted should be indicated by a minus sign )

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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

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 $430,000 of net income, declared no dividends, and the following selected transactions occurred in the order given:

Issued 100,000 shares of the common stock at $58 cash per share.
Reacquired 28,000 shares at $53 cash per share.
Reissued 11,500 shares from treasury for $54 per share.
Reissued 11,500 shares from treasury for $52 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.)

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.)

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