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Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of...

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Accounting

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 $410,000 of net income, declared no dividends, and the following selected transactions occurred in the order given:

  1. Issued 110,000 shares of the common stock at $56 cash per share.
  2. Reacquired 26,000 shares at $51 cash per share.
  3. Reissued 10,500 shares from treasury for $52 per share.
  4. Reissued 10,500 shares from treasury for $50 per share.

PA11-1 Part 1

Required:

1. Indicate the account, imageamount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.)

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 Liabilities + Stockholders' Equity a. b. C. d

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How to solve Part B

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