Question

Return to Part 1 of 3 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 $310,000 of net income, declared no dividends, and the following selected transactions occurred in the order given: 14.28 a. Issued 110,000 shares of the common stock at $46 cash per share. b. Reacquired 16,000 shares at $41 cash per share. c. Reissued 5,500 shares from treasury for $42 per share. d. Reissued 5,500 shares from treasury for $40 per share. Required: 1. Indicate the account, amount, and direction of the effect on above transaction (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.) & Answer is complete but not entirely correct. Liabilities Stockholders' Equity Prey. . 1 2 3 of 5 513 !! Next >

Answer 1

	Assets		=	Liabilities		+	Stockholders Equity
a	Cash	5,060,000.00					Common Stock	550,000.00
							Additional Paid in Capital,Common Stock	4,510,000.00
b	Cash	-     656,000.00					Treasury Stock	-     656,000.00
c	Cash	231,000.00					Treasury Stock	225,500.00
							Additional Paid in Capital,Treasury Stock	5,500.00
d	Cash	220,000.00					Treasury Stock	225,500.00
							Additional Paid in Capital,Treasury Stock	-          5,500.00