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

a. Purchased 5,700 shares of its own common stock at $32 per share on October 11.

b. Sold 1,175 treasury shares on November 1 for $38 cash per share.

c. Sold all remaining treasury shares on November 25 for $27 cash per share.

Common stock-$10 par value, 79,000 shares. authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 790,000 251,000 920,000 $ 1,961,000