5 Exercise 11-10 Recording and reporting treasury stock transactions L On October 10, the stockholders' equity of Sherman Systems appears as follows 167 poins Common stock-$i0 par walue.84,000 hares Paid-in capatal in excess of par value,CONNOS stock Total stockholders equlty 40.000 1. Prepare journal entries to record the following transactions for Sherman Systems a. Purchased 6,200 shares of its own common stock at $37 per share on October 1 b. Sold 1,300 treasury shares on November 1 for $43 cash per share c Sold all remaining treasury shares on November 25 for $32 cash per share Reterences a. Treasury stock Cash Cash Treasury slock Pald-in capital treasury stock Paid-in capital treasury stock Treasury stock 2. Prepare the revised equity section of its balance sheet after the October 11 treasury stock purchase $ 840 capital in excess of par value, common stock 276 118.000 960 Total contributed capital Total Cost of treasury stock S 2.076.000