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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. Reissued 14,500 shares from treasury for $60 per share. d. Relssued 14,500 shares from treasury for $58 per share. Required 1. Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Llabilitles and Stockholders' Equity with a minus sign.) Assets Liabilities Stockholders' Equity b. C. d
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