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Check my work 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 $300,000 of net income and declared no dividends the following selected transactions occurred in the order giver a Issued 120.000 shares of the common stock at $45 cash per share. b. Reacquired 15,000 shares at $40 cash per share. c Reissued 5,000 shares from treasury for $41 per share. d Reissued 5,000 shares from treasury for $39 per share. Required: indicate the account, amount, and direction of the effect on above transaction (Enter any decreases to Assets, Liabilities and stockholders' Equity with a minus sign.) Assets a Liabilities Stockholders' Equity a APP . . d TT d Prey - X X > 1 Record the issuance of 120,000 shares of common stock with a $5 par value for a price of $45 per share. r value 2 Record the purchase of 15,000 shares of previously issued common stock for a price of $40 per share. 3 Record the re-issuance of 5,000 shares of treasury stock previously purchased for a price of $40 per share and sold for $41 per share. Credit 4 Record the re-issuance of 5,000 shares of treasury stock previously purchased for $40 per share and sold for $39 per share. Note : journal entry has been entered 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 [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, $par value. During the first year, the company earned $300,000 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 $45 cash per share. b. Reacquired 15,000 shares at $40 cash per share. c Reissued 5,000 shares from treasury for 541 per share. d. Reissued 5,000 shares from treasury for $39 per share. Required: 1. Indicate the account, amount and direction of the effect on above transaction (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.) Assets Llabilities Stockholders' Equity PPPP + + . d d 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 $300,000 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 $45 cash per share. b. Reacquired 15,000 shares at $40 cash per share. c Reissued 5,000 shares from treasury for $41 per share. d. Reissued 5,000 shares from treasury for $39 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 2 3 4 Record the issuance of 120,000 shares of common stock with a $5 par value for a price of $45 per share. Note: Enter debits before credits Transaction General Journal Debit Credit s 1 Record the issuance of 120,000 shares of common stock with a $5 par value for a price of $45 per share. 2 Record the purchase of 15,000 shares of previously issued common stock for a price of $40 per share. 3 Record the re-issuance of 5,000 shares of treasury stock previously purchased for a price of $40 per share and sold for $41 per share. 4 Record the re-issuance of 5,000 shares of treasury stock previously purchased for $40 per share and sold for $39 per share. 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

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