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Required information PA11-1 (Algo) Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance and Purchase Transactions (LO 11-2] (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 $450,000 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 $60 cash per share. b. Reacquired 30,000 shares at $55 cash per share, c. Reissued 12,500 shares from treasury for $56 per share, d. Reissued 12,500 shares from treasury for $54 per share. PA11-1 (Algo) Part 2 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 X 1 Record the issuance of 120,000 shares of common stock with a $5 par value for a price of $60 per share. r value 2 Record the purchase of 30,000 shares of previously issued common stock for a price of $55 per share. 3 Record the re-issuance of 12,500 shares of treasury stock previously purchased for a price of $55 per share and sold for $56 per share. Credit 4 Record the re-issuance of 12,500 shares of treasury stock previously purchased for $55 per share and sold for $54 per share. Note : journal entry has been entered Record entry Clear entry View general jourr 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to indicated by a minus sign.) GLOBAL MARINE Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Total Contributed Capital 0 Total 0 Total Stockholders' Equity $ 0

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