Required information [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 $400,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 100,000 shares of the common stock at $55 cash per share. b. Reacquired 25,000 shares at $50 cash per share. c. Reissued 10,000 shares from treasury for $51 per share. d. Reissued 10,000 shares from treasury for $49 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.) .. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry equired" in the first account field.) Journal entry worksheet Record the issuance of 100,000 shares of common stock with a $5 par value for a price of $55 per share. Note: Enter debits before credits. 3. Prepare the stockholders' equity section of the balance sheet at December 31 . (Amounts to be deducted should be indicated by a minus sign.)