Business, 02.08.2021 21:50 TrueKing184

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, declared no dividends, and the following selected transactions occurred in the order given: Issued 120,000 shares of the common stock at $60 cash per share.
Reacquired 30,000 shares at $55 cash per share.
Reissued 12,500 shares from treasury for $56 per share.
Reissued 12,500 shares from treasury for $54 per share.

Required:
a. Indicate the account, amount, and direction of the effect on above transaction.
b. Prepare journal entries to record each transaction.
c. Prepare the stockholders's equity section of the balance sheet at December 31, 2013.

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