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Ch 5 The following information applies to the questions displayed below.) Global Marine obtained a...

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Ch 5 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 $440,000 of net income and declared no dividends, the following selected transactions occurred in the order given: a. Issued 110,000 shares of the common stock at $59 cash per share. b. Reacquired 29,000 shares at $54 cash per share, Reissued 12,000 shares from treasury for $55 per share, d. Reissued 12,000 shares from treasury for $53 per share ok 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.) nces View transaction list Journal entry worksheet 2 Record the issuance of 110,000 shares of common stock with a $5 par value for a price of $59 per share

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