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 $360,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 120,000 shares of the common stock at $51 cash per share. b. Reacquired 21,000 shares at $46 cash per share. c. Reissued 8,000 shares from treasury for $47 per share. d. Reissued 8,000 shares from treasury for $45 per share. PA11-1 (Algo) Part 3 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.) Contributed Capital: GLOBAL MARINE Balance Sheet (Partial) At December 31 Stockholders' Equity Total Contributed Canital 0
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 $360,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 120,000 shares of the common stock at $51 cash per share. b. Reacquired 21,000 shares at $46 cash per share. c. Reissued 8,000 shares from treasury for $47 per share. d. Reissued 8,000 shares from treasury for $45 per share. PA11-1 (Algo) Part 3 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.) Contributed Capital: GLOBAL MARINE Balance Sheet (Partial) At December 31 Stockholders' Equity Total Contributed Canital 0
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 57E: Outstanding Stock Lars Corporation shows the following information in the stockholders equity...
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