d information owing information applies to the questions displayed below.) Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par During the first year, the company earned $410,000 of net income and declared no dividends, the following i transactions occurred in the order given: ed 110,000 shares of the common stock at $56 cash per share. quired 26,000 shares at $51 cash per share. sued 10,500 shares from treasury for $52 per share. sued 10,500 shares from treasury for $50 per share. purnal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry n the first account field.) saction list nal entry worksheet prd the issuance of 110,000 shares of common stock with a $5 par value a price of $56 per share,
d information owing information applies to the questions displayed below.) Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par During the first year, the company earned $410,000 of net income and declared no dividends, the following i transactions occurred in the order given: ed 110,000 shares of the common stock at $56 cash per share. quired 26,000 shares at $51 cash per share. sued 10,500 shares from treasury for $52 per share. sued 10,500 shares from treasury for $50 per share. purnal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry n the first account field.) saction list nal entry worksheet prd the issuance of 110,000 shares of common stock with a $5 par value a price of $56 per share,
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text: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 $410,000 of net income and declared no dividends, the following
selected transactions occurred in the order given:
a. Issued 110,000 shares of the common stock at $56 cash per share.
b. Reacquired 26,000 shares at $51 cash per share.
c. Relssued 10,500 shares from treasury for $52 per share.
d. Reissued 10,500 shares from treasury for $50 per share.
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.)
View transaction list
Journal entry worksheet
<>
2
Record the issuance of 110,000 shares of common stock with a $5 par value
for a price of $56 per share,
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