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Prepare journal entries to record each transaction

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Question - Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par 2.69 value. During the first year, the company earned $350,000 of net income and declared no dividends; the following points selected transactions occurred in the order given:

a. Issued 100,000 shares of the common stock at $50 cash per share.

b. Reacquired 20,000 shares at $45 cash per share.

c. Reissued 7,500 shares from treasury for $46 per share.

d. Reissued 7,500 shares from treasury for $44 per share.

Required - Prepare journal entries to record each transaction.

Reference no: EM133137175

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