Required information [The following information applies to the questions displayed below. Global Marine obtained a...
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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 earned $390,000 of net income, declared no dividends, and the following selected transactions occurred in the order given: a Issued 120,000 shares of the common stock at $54 cash per share b. Reacquired 24,000 shares at $49 cash per share. CReissued 9,500 shares from treasury for $50 per share. d Reissued 9,500 shares from treasury for $48 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.) GLOBAL MARINE Balance Sheet (Partial) At December 31) Stockholders' Equity Contributed Capital: Total Contributed Capital Total Total Stockholders Equity of 5 Next
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