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Required: 1. Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Llabilities and Stockhoiders' Equity with a minus sign.)   Required  2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "n Required" in the first account field.)    Required  3. Prepare the stockholders' equity section of the balance sheet at December 31 . (Amounts to be deducted minus sign.)   Please avoid solution in image format thank you

Required: 1. Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Llabilities and Stockhoiders' Equity with a minus sign.)   Required  2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "n Required" in the first account field.)    Required  3. Prepare the stockholders' equity section of the balance sheet at December 31 . (Amounts to be deducted minus sign.)   Please avoid solution in image format thank you

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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Required: 1. Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Llabilities and Stockhoiders' Equity with a minus sign.)
 
Required  2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "n Required" in the first account field.) 
 
Required  3. Prepare the stockholders' equity section of the balance sheet at December 31 . (Amounts to be deducted minus sign.)
 
Please avoid solution in image format thank you
ces 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "M Required" in the first account field.) View transaction list 1 Record the issuance of 100,000 shares of common stock with a $5 par value for a price of $50 per share. 2 Record the purchase of 20,000 shares of previously issued common stock for a price of $45 per share. 3 4 Record the re-issuance of 7,500 shares of treasury stock previously purchased for a price of $45 per share and sold for $46 per share. Record the re-issuance of 7,500 shares of treasury stock previously purchased for $45 per share and sold for $44 per share. Note : journal entry has been entered Record entry Contributed Capital: Total Total Contributed Capital Clear entry GLOBAL MARINE Balance Sheet (Partial) At December 31 Stockholders' Equity 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted minus sign.) Total Stockholders' Equity X r value Credit View general journal
Transcribed Image Text:ces 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "M Required" in the first account field.) View transaction list 1 Record the issuance of 100,000 shares of common stock with a $5 par value for a price of $50 per share. 2 Record the purchase of 20,000 shares of previously issued common stock for a price of $45 per share. 3 4 Record the re-issuance of 7,500 shares of treasury stock previously purchased for a price of $45 per share and sold for $46 per share. Record the re-issuance of 7,500 shares of treasury stock previously purchased for $45 per share and sold for $44 per share. Note : journal entry has been entered Record entry Contributed Capital: Total Total Contributed Capital Clear entry GLOBAL MARINE Balance Sheet (Partial) At December 31 Stockholders' Equity 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted minus sign.) Total Stockholders' Equity X r value Credit View general journal
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 $350,000 of net income and declared no dividends; the following 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. PA11-1 (Algo) Part 1 PP Required: 1. Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.) Assets H Liabilities ... Stockholders
Transcribed Image Text: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 $350,000 of net income and declared no dividends; the following 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. PA11-1 (Algo) Part 1 PP Required: 1. Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.) Assets H Liabilities ... Stockholders
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