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Required Information [The following information applies to the questions displayed below.] Global...

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Question

Accounting

Required Information
[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 eamed $490,000 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 $64 cash per share.
b. Reacquired 34,000 shares at $59 cash per share.
c. Reissued 14.500 shares from treasury for $60 per share.
d. Reissued 14,500 shares from treasury for $58 per share.
Required:
Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Llabillties and
Stockholders' Equity with a minus sign.)
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