! Required information PA11-1 (Algo) Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial...

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! 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 $500,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 110,000 shares of the common stock at $65 cash per share. b. Reacquired 35,000 shares at $60 cash per share. c. Reissued 15,000 shares from treasury for $61 per share. d. Reissued 15,000 shares from treasury for $59 per share. PA11-1 (Algo) Part 2 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.) View transaction list Journal entry worksheet 1 2 3 4 Record the issuance of 110,000 shares of common stock with a $5 par value for a price of $65 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general journal > ! 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 $500,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 110,000 shares of the common stock at $65 cash per share. b. Reacquired 35,000 shares at $60 cash per share. c. Reissued 15,000 shares from treasury for $61 per share. d. Reissued 15,000 shares from treasury for $59 per share. PA11-1 (Algo) Part 2 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.) View transaction list Journal entry worksheet 1 2 3 4 Record the issuance of 110,000 shares of common stock with a $5 par value for a price of $65 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general journal >