On October 10, the stockholders’ equity of Noble Systems appears as follows:

1. Prepare journal entries to record the following transactions for Noble Systems:

a. Purchased 4,500 shares of its own common stock at $30 per share on October 11.

b. Sold 1,200 treasury shares on November 1 for $36 cash per share. —

c. Sold all remaining treasury shares on November 25 for $25 cash per share. 4 ? Check (lc) Dr. Retained Earnings, 2. Explain how Noble’s equity section changes after the October 11 treasury stock purchase, and $9,300 prepare the revised equity section of its balance sheet at that time.

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Common stock-$10 par value, 36,000 shares authorized, issued, and outstanding... $360,000 Contributed capital in excess of par value, common stock 108,000 Total contributed capital 468,000 Retained earnings... 35000 432,000 Total stockholders' equity $900,000 treasury 13500