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 $480,000 of net income and declared no dividends; the following selected transactions occurred in the order given: Issued 120,000 shares of the common stock at $63 cash per share. Reacquired 33,000 shares at $58 cash per share. Reissued 14,000 shares from treasury for $59 per share. Reissued 14,000 shares from treasury for $57 per share. 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal En Required" in the first account field.) View transaction list Journal entry worksheet < Record the issuance of 120,000 shares of common stock with a $5 par value for a price of $63 per share.. Note: Enter debits before credits Transaction Record entry General Journal Clear entry Debit Credit View general journal
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 $480,000 of net income and declared no dividends; the following selected transactions occurred in the order given: Issued 120,000 shares of the common stock at $63 cash per share. Reacquired 33,000 shares at $58 cash per share. Reissued 14,000 shares from treasury for $59 per share. Reissued 14,000 shares from treasury for $57 per share. 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal En Required" in the first account field.) View transaction list Journal entry worksheet < Record the issuance of 120,000 shares of common stock with a $5 par value for a price of $63 per share.. Note: Enter debits before credits Transaction Record entry General Journal Clear entry Debit Credit View general journal
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter13: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...
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