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PA11-1 (Algo) Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance and Purchase Transactions [LO 11-2] [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 yeat, the company earned $460,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 100,000 shares of the common stock at $61 cash per share. b. Reacquired 31,000 shares at $56 cash per share. c. Reissued 13,000 shares from treasury for $57 per share. d. Reissued 13,000 shares from treasury for $55 per share. 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.) Journal entry worksheet Note: Enter debits before credits. PA11-1 (Algo) Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance and Purchase Transactions [LO 11-2] [The following information applies to the questions displayed below] Global Marine obtained a charter from the state in January that outhorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $460,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 100,000 shares of the common stock at $61 cash per share. b. Reacquired 31,000 shares at $56 cash per share. c. Reissued 13,000 shares from treasury for $57 per share. d. Reissued 13,000 shares from treasury for $55 per share. PA11-1 (Algo) Part 2 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, selec) Journal Entry Required" in the first account field.) Journal entry worksheet Record the re-issuance of 13,000 shares of treasury stock previousty purchased for $56 per share and sold for $55 per share. Note: Enter debits before credits. PA11-1 (Algo) Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance and Purchase Transactions [LO 11-2] 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 $460,000 of net income. and declared no dividends; the following selected transactions occurred in the order given: a. Issued 100,000 shares of the common stock at $61 cash per share. b. Reacquired 31,000 shares at $56 cash per share. c. Reissued 13,000 shares from treasury for $57 per share. d. Reissued 13,000 shares from treasury for $55 per share. PA11-1 (Algo) Part 1 Required: Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, iabilities and Stockholders' Equity with a minus sign.) Required information PA11-1 (Algo) Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance and Purchase Transactions [LO 11-2] 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 $460,000 of net income and dectared no dividends; the following selected transactions occurred in the order given a. Issued 100,000 shares of the common stock at $61 cash per share. b. Reacquired 31,000 shares at $56 cash per share. c. Reissued 13,000 shares from treasury for $57 per share. d. Reissued 13,000 shares from treasury for $55 per share. PA11-1 (Algo) Part 2 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, selec Journal Entry Required" in the first account field:) Journal entry worksheet Record the purchase of 31,000 shares of previously issued common stock for a price of $56 per share. Note: Enter debits before credits. Required information PA11-1 (Algo) Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance and Purchase Transactions [LO 11-2] 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 $460,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 100,000 shares of the common stock at $61 cash per share. b. Reacquired 31,000 shares at $56 cash per share. c. Reissued 13,000 shares from treasury for $57 per share. d. Reissued 13,000 shares from treasury for $55 per share. PA11-1 (Algo) Part 3 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted sh be indicated by a minus sign.) Required information PA11-1 (Algo) Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance and Purchase Transactions [LO 11-2] [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 $460,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 100,000 shares of the common stock at $61 cash per share, b. Reacquired 31,000 shares at $56 cash per share c. Relssued 13,000 shares from treasury for $57 per share. d. Reissued 13,000 shares from treasury for $55 per share: 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.) Journal entry worksheet Nate: Enter debits before credits

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