View transaction list Journal entry worksheet Issued 700,000 common shares at $54 cash per share. Note: Enter debits before credits. Event General Journal Debit Credit a. Record entry Clear entry View general journal 3. Prepare the shareholders' equity section of the balance sheet at December 31. Doulane Marine obtained a charter from the province in January that authorized 1,000,000 common shares. During the first year, the company earned $429,000 and the following selected transactions occurred in the order given: a. Issued 700,000 common shares at $54 cash per share b. Reacquired and cancelled 25,000 shares at $50 cash per share Required: 1. Indicate the effects of each transaction on the accounting equation. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Assets Liabilites Stockholder's Equity a. b. 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.) 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 1 2 Reacquired and cancelled 25,000 shares at $50 cash per share. Note: Enter debits before credits. Event General Journal Debit Credit b. Record entry Clear entry View general Journal Record entry Clear entry View general journal 3. Prepare the shareholders' equity section of the balance sheet at December 31. Shareholders' Equity-December 31 Contributed capital: Total contributed capital Total shareholders' equity $