Global marine obtained a charter from the state in january that authorized 1,000,000 shares of $5 par value common stock. during the first year, the company earned $400,000 of net income, declared no dividends, and the following selected transactions occurred in the order given: issued 100,000 shares of the common stock at $55 cash per share. reacquired 25,000 shares at $50 cash per share. reissued 10,000 shares from treasury for $51 per share. reissued 10,000 shares from treasury for $49 per share.