Prepare journal entries to record each transaction if no

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Reference no: EM13484120

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 $340,000 of net income and the following selected transactions occurred in the order given:

a. Issued 110,000 shares of the common stock at $49 cash per share.
b. Reacquired 19,000 shares at $44 cash per share.
c. Reissued 7,000 shares from treasury for $45 per share.
d. Reissued 7,000 shares from treasury for $43 per share.

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.)

1.Record the issuance of 110,000 shares of common stock with a $5 par value for a price of $49 per share

2.Record the purchase of 19,000 shares of previously issued common stock for a price of $44 per share

3.Record the re-issuance of 7,000 shares of treasury stock previously purchased for a price of $44 per share and sold for $45 per share.

4.Record the re-issuance of 7,000 shares of treasury stock previously purchased for $44 per share and sold for $43 per share.

3. Prepare the stockholders' equity section of the balance sheet at December 31, 2013. (Amounts to be deducted should be indicated by a minus sign.)

Reference no: EM13484120

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