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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 $470,000 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 $62 cash per share. b. Reacquired 32,000 shares at $57 cash per share. c. Reissued 13,500 shares from treasury for $58 per share. d. Reissued 13,500 shares from treasury for $56 per share. PA11-1 (Algo) Part 3 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated minus sign.)

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 $470,000 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 $62 cash per share. b. Reacquired 32,000 shares at $57 cash per share. c. Reissued 13,500 shares from treasury for $58 per share. d. Reissued 13,500 shares from treasury for $56 per share. PA11-1 (Algo) Part 3 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated minus sign.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $470,000 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 $62 cash per share. b. Reacquired 32,000 shares at $57 cash per share. c. Reissued 13,500 shares from treasury for $58 per share. d. Reissued 13,500 shares from treasury for $56 per share. PA11-1 (Algo) Part 3 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by minus sign.) Contributed Capital: GLOBAL MARINE Balance Sheet (Partial) At December 31 Stockholders' Equity Prais 7 of St www Navi
Transcribed Image Text: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 $470,000 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 $62 cash per share. b. Reacquired 32,000 shares at $57 cash per share. c. Reissued 13,500 shares from treasury for $58 per share. d. Reissued 13,500 shares from treasury for $56 per share. PA11-1 (Algo) Part 3 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by minus sign.) Contributed Capital: GLOBAL MARINE Balance Sheet (Partial) At December 31 Stockholders' Equity Prais 7 of St www Navi
PA11-1 (Algo) Part 3 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducte minus sign.) Contributed Capital: GLOBAL MARINE Balance Sheet (Partial) At December 31 Stockholders' Equity Total Contributed Capital Total Total Stockholders' Equity
Transcribed Image Text:PA11-1 (Algo) Part 3 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducte minus sign.) Contributed Capital: GLOBAL MARINE Balance Sheet (Partial) At December 31 Stockholders' Equity Total Contributed Capital Total Total Stockholders' Equity
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