{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 $330,000 of net income and the following selected transactions occurred in the order given: a. Issued 120,000 shares of the common stock at $48 cash per share. b. Reacquired 18,000 shares at $43 cash per share. C Reissued 6,500 shares from treasury for $44 per share. d. Reissued 6.500 shares from treasury for $42 per share value 3.33 points Rec Required: 1. Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Stockholders' Equity / / TN / / b. / TI / 1111111 11 / / d. / 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 1 Record the issuance of 120,000 shares of common stock with a $5 par value for a price of $48 per share. r value 2. Record the purchase of 18,000 shares of previously issued common stock for a price of $43 per share. 3 Record the re-issuance of 6,500 shares of treasury stock previously purchased for a price of $43 per share and sold for $44 per share. Credit 4 Record the re-issuance of 6,500 shares of treasury stock previously purchased for $43 per share and sold for $42 per share Note : = journal entry has been entered Record entry Clear entry View general journal Vdiue. 3. 3.34 points 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.) GLOBAL MARINE Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Total Contributed Capital Total Total Stockholders' Equity