Business, 13.08.2021 01:00 telonfrippp5i9i5
Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance and Purchase Transactions:
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 $400,000 of net income, declared no dividends, and 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.
Required:
1. Indicate the account and amount for the above transactions.
2. Prepare journal entries to record each transaction.
3. Prepare the stockholder's equity section of the balance sheet at December 31, 2013.
Answers: 3
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Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sh...
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