Business, 24.11.2021 21:10 TJxx187

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 $430,000 of net income and the following selected transactions occurred in the order given: a. Issued 100,000 shares of the common stock at $58 cash per share.
b. Reacquired 28,000 shares at $53 cash per share.
c. Reissued 11,500 shares from treasury for $54 per share.
d. Reissued 11,500 shares from treasury for $52 per share.

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Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of commo...