Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common...

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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 $490,000 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 $64 cash per share. b. Reacquired 34,000 shares at $59 cash per share. c. Reissued 14,500 shares from treasury for $60 per share. d. Reissued 14,500 shares from treasury for $58 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 Total Stockholders' Equity $ 0 < Prev 0 + G of 4 Next 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 $490,000 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 $64 cash per share. b. Reacquired 34,000 shares at $59 cash per share. c. Reissued 14,500 shares from treasury for $60 per share. d. Reissued 14,500 shares from treasury for $58 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 Total Stockholders' Equity $ 0 < Prev 0 + G of 4 Next