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1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 6,500 shares of its own common stock at $40 per share on

1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 6,500 shares of its own common stock at $40 per share on October 11. Sold 1,375 treasury shares on November 1 for $46 cash per share. Sold all remaining treasury shares on November 25 for $39 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase

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