Global Marine Company obtained a charter from the state in January 2009, which authorized 212,000 shares of common stock, $5.5 par value. During the first year, the company earned $37,700 and the following selected transactions occurred in the order given:
a. Sold 60,500 shares of the common stock in an initial public offering at $14.5 per share.
b. Repurchased 2,800 shares of the previously issued shares at $17.5 cash per share for treasury stock..
c. Resold 1,400 of the shares of the treasury stock at $20 cash per share.
Required:
Prepare the stockholders' equity section of the balance sheet at December 31, 2009. Amounts in parentheses do not require a minus sign in front of them.