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 $430,000 of net income, declared no dividends, and the following selected transactions occurred in the order given: Issued 100,000 shares of the common stock at $58 cash per share. Reacquired 28,000 shares at $53 cash per share. Reissued 11,500 shares from treasury for $54 per share. Reissued 11,500 shares from treasury for $52 per share. Prepare the stockholders’ equity section of the balance sheet at December 31
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 $430,000 of net income, declared no dividends, and the following selected transactions occurred in the order given: Issued 100,000 shares of the common stock at $58 cash per share. Reacquired 28,000 shares at $53 cash per share. Reissued 11,500 shares from treasury for $54 per share. Reissued 11,500 shares from treasury for $52 per share. Prepare the stockholders’ equity section of the balance sheet at December 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $430,000 of net income, declared no dividends, and the following selected transactions occurred in the order given:
- Issued 100,000 shares of the common stock at $58 cash per share.
- Reacquired 28,000 shares at $53 cash per share.
- Reissued 11,500 shares from treasury for $54 per share.
- Reissued 11,500 shares from treasury for $52 per share.
Prepare the
Transcribed Image Text:GLOBAL MARINE
Balance Sheet (Partial)
At December 31
Stockholders' Equity
Contributed Capital:
Total Contributed Capital
Total
Total Stockholders' Equity
$
%24
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