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 $320,000 of net income and declared no dividends, the following selected transactions occurred in the order given a Issued 100,000 shares of the common stock at $47 cash per share. b. Reacquired 17.000 shares at $42 cash per share. c. Reissued 6.000 shares from treasury for $43 per share. d. Reissued 6,000 shares from treasury for $41 per share.
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 $320,000 of net income and declared no dividends, the following selected transactions occurred in the order given a Issued 100,000 shares of the common stock at $47 cash per share. b. Reacquired 17.000 shares at $42 cash per share. c. Reissued 6.000 shares from treasury for $43 per share. d. Reissued 6,000 shares from treasury for $41 per share.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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