Common stock$$$$10$ par value, $89,000$ shares

authorized, issued, and outstanding $ $890,000$

Paid$-$in capital in excess of par value, common stock $301,000$

Retained earnings $1,000,000$

Total stockholders$$ equity $ $2,191,000$

Prepare the revised equity section of its balance sheet after the October $11$ treasury stock purchase.

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

a$.$ Purchased $6,700$ shares of its own comRevised Equity Section of Balance Sheet After October $11$

Total contributed capital

$0$

Total

Total stockholders equity

$

$0$

$1.$ Prepare journal entries to record the following transactions for Sherman Systems. a$.$ Purchased $6,700$ shares of its own common stock at $$42$ per share on October $11.$ b$.$ Sold $1,425$ treasury shares on November $1$ for $$48$ cash per share. c$.$ Sold all remaining treasury shares on November $25$ for $$41$ cash per share.