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PA$11-1($Algo$)$ Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance and Purchase Transactions $[$LO $11-2]$

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Global Marine obtained a charter from the state in January that authorized $1,000,000$ shares of common stock, $$5$ par value. During the first year, the company earned $$440,000$ of net income and declared no dividends; the following selected transactions occurred in the order given:

Issued $110,000$ shares of the common stock at $$59$ cash per share.

Reacquired $29,000$ shares at $$54$ cash per share.

Reissued $12,000$ shares from treasury for $$55$ per share.

Reissued $12,000$ shares from treasury for $$53$ per share.

PA$11-1($Algo$)$ Part $3$

$3.$ Prepare the stockholders$$ equity section of the balance sheet at December $31.($Amounts to be deducted should be indicated by a minus sign.$)$