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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please dont provide handwritten solution
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff6604b4c-b16c-4eeb-92aa-ae91b0491ae7%2Fc5154505-779f-4566-a572-e2f30249d708%2Fewyvjrw_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 $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
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