of 3 rint Required information PA11-1 (Algo) Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing...

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of 3 rint 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. Part 1 of 3 PA11-1 (Algo) Part 1 Required: 1. Indicate the account, amount, and direction of the effect on above transaction (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.) 111 points a Cash P b c c d d Assets Liabilities Stockholders' Equity of 3 rint 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. Part 1 of 3 PA11-1 (Algo) Part 1 Required: 1. Indicate the account, amount, and direction of the effect on above transaction (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.) 111 points a Cash P b c c d d Assets Liabilities Stockholders' Equity