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 $450,000 of net income, declared no dividends, and the following selected transactions occurred in the order given:   Issued 120,000 shares of the common stock at $60 cash per share. Reacquired 30,000 shares at $55 cash per share. Reissued 12,500 shares from treasury for $56 per share. Reissued 12,500 shares from treasury for $54 per share.   PA11-1 Part 2 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.)             Next Visit question map Question 12 linked to 13of18Total12 1

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Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.