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 $450,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 120,000 shares of the common stock at $60 cash per share. b. Reacquired 30,000 shares at $55 cash per share. c. Reissued 12,500 shares from treasury for $56 per share. d. Reissued 12,500 shares from treasury for $54 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.) No Transaction Answer is not complete. General Journal Debit Credit 7,200,000 600,000 6,600,000 1 a Cash Common Stock Additional Paid-In Capital, Common Stock 2 b Treasury Stock Cash 3 C Cash Treasury Stock Additional Paid-In Capital, Treasury Stock 4 d Cash Treasury Stock 1,650,000 1,650,000 700,000 687,500 12,500 675,000 675,000