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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

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 $480,000 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 $63 cash per share.
b. Reacquired 33,000 shares at $58 cash per share.
c. Reissued 14,000 shares from treasury for $59 per share.
d. Reissued 14,000 shares from treasury for $57 per share.
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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