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Required Information The following information applies to the questions displayed below. Global Marine obtalned a charter from the state In January that authorized 1,000,000 shares
Required Information The following information applies to the questions displayed below. Global Marine obtalned 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 $490,000 of net Income, declared no dividends, and the following selected transactions occurred In the order glven: a. Issued 100,000 shares of the common stock at $64 cash per share. b. Reacquired 34,000 shares at $59 cash per share. c. Relssued 14,500 shares from treasury for $60 per share. d. Reissued 14,500 shares from treasury for $58 per share. 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.) View transaction list Journal entry worksheet Record the issuance of 100,000 shares of common stock with a $5 par value for a price of $64 per share. Note: Enter debits before credits ransaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record the purchase of 34,000 shares of previously issued common stock for a price of $59 per share. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record the re-issuance of 14,500 shares of treasury stock previously purchased for a price of $59 per share and sold for $60 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record the re-issuance of 14,500 shares of treasury stock previously purchased for $59 per share and sold for $58 per share Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
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