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 $300,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 120,000 shares of the common stock at $45 cash per share. b. Reacquired 15,000 shares at $40 cash per share. c. Reissued 5,000 shares from treasury for $41 per share. d. Reissued 5,000 shares from treasury for $39 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.) Contributed Capital: GLOBAL MARINE Balance Sheet (Partial) At December 31 Stockholders' Equity Total Contributed Capital Total Total Stockholders' Equity $
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 $300,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 120,000 shares of the common stock at $45 cash per share. b. Reacquired 15,000 shares at $40 cash per share. c. Reissued 5,000 shares from treasury for $41 per share. d. Reissued 5,000 shares from treasury for $39 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.) Contributed Capital: GLOBAL MARINE Balance Sheet (Partial) At December 31 Stockholders' Equity Total Contributed Capital Total Total Stockholders' Equity $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ni.2
![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 $300,000 of net income and declared no dividends; the following
selected transactions occurred in the order given:
a. Issued 120,000 shares of the common stock at $45 cash per share.
b. Reacquired 15,000 shares at $40 cash per share.
c. Reissued 5,000 shares from treasury for $41 per share.
d. Reissued 5,000 shares from treasury for $39 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.)
Contributed Capital:
GLOBAL MARINE
Balance Sheet (Partial)
At December 31
Stockholders' Equity
Total Contributed Capital
Total
0
0
Total Stockholders' Equity
$
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff23a3b5d-b21e-4814-96c3-644cf859e9e6%2Ff4638fd9-87dc-404f-845c-25f6c80d4162%2F4d3r54_processed.jpeg&w=3840&q=75)
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 $300,000 of net income and declared no dividends; the following
selected transactions occurred in the order given:
a. Issued 120,000 shares of the common stock at $45 cash per share.
b. Reacquired 15,000 shares at $40 cash per share.
c. Reissued 5,000 shares from treasury for $41 per share.
d. Reissued 5,000 shares from treasury for $39 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.)
Contributed Capital:
GLOBAL MARINE
Balance Sheet (Partial)
At December 31
Stockholders' Equity
Total Contributed Capital
Total
0
0
Total Stockholders' Equity
$
0
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