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Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of...

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Accounting

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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 $370,000 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 $52 cash per share. b. Reacquired 22,000 shares at $47 cash per share. c. Reissued 8,500 shares from treasury for $48 per share. d. Reissued 8,500 shares from treasury for $46 per share. 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.)

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