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Global Marine obtained charter from the state in Jan that authorized 1.000.000 shares of common...

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Accounting

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Global Marine obtained charter from the state in Jan that authorized 1.000.000 shares of common stock, $5 par value. During the first year, the company earned $320,000 of net income and the following selected transactions occurred in the order given: a. Issued 100,000 shares of the common stock at $47 cash per share. b. Reacquired 17000 shares at $42 cash per share. c. Reissued 6.000 shares from treasury for $43 per share. d. Reissued 6.000 shares from treasury for $41 per share. value: 400 points 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/even select No Journal Entry Required" in the first account field view transaction list journal entry worksheet Transactions Debit General Journal Credit Cash 4.700.000 Common Stock 500.000 Additional Paid-in Capital, Common Stock 4200.000 4009 Treasury Stock 714 000 258,000 Treasury Stock Additional Pa in Ca Treasury stook 5.000

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