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(Solution Download) Global Marine obtained a charter from the state in January 2013, which authorized 1,000,000 shares o


 

 

 

 

 

 

 

Global Marine obtained a charter from the state in January 2013,

 

which authorized 1,000,000 shares of common stock, $5 par value.

 

During the first year, the company earned $300,000 of net income

 

and the following selected transactions occurred in the order

 

given:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a.Issued 120,000 shares of the

 

common stock at $45 cash per share.

b.Reacquired 15,000 shares at $40

 

cash per share.

c.Reissued 5,000 shares from

 

treasury for $41 per share.

d.Reissued 5,000 shares from

 

treasury for $39 per share.

 

 

 

 

 

 

 

 

 

 

 

 

Required:

 

1.

 

Indicating the account, amount, and direction of the effect (+

 

for increase and ? for decrease) for the above transaction.

 

(Enter all amounts as positive values.)

 

 

 

 

 

 

 

 

 

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.)

 

 

 

 

 

 

 

 

3.Prepare the stockholdersAc??c equity

 

section of the balance sheet at December 31, 2013. (Amounts

 

to be deducted should be indicated by a minus sign.)

 

 

 


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