Required information The following information applies to the questions displayed below) Global Marine obtained a...
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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 $390,000 of net income, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 120,000 shares of the common stock at $54 cash per share. b Reacquired 24,000 shares at $49 cash per share c. Reissued 9,500 shares from treasury for $50 per share d Reissued 9,500 shares from treasury for $48 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 Liabilities Stockholders' Equity
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