Question: Please help on the first question and Journal entry Required information The following information applies to the questions displayed below] Global Marine obtained a charter
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Required information The following information applies to the questions displayed below] Global Marine obtained a charter from the state in January that outhorized 1,000,000 shares of common sfock, $5 par value. During the first year, the company eamed $400,000 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 $55 cash per shere. b. Reacquired 25,000 shores at $50 cash per share. c Retssued 10,000 shares from treasury for $51 per share d. Relssued 10,000 shates from treasury for $49 per share. Required: 1. Indicate the account, amount, and direction of the effect on above transoction. (Enter any decreases to Assets, Uabilities and Stockholders' Equily with a minus signs) 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 pae value. During the first year, the company earned $400,000 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 $55 cash per share. b. Reacquired 25,000 shares at $50 cash per share. c. Reissued 10,000 shares from treasury for $51 per share. d. Reissued 10,000 shares from treasury for $49 per share. 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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