Exercise 11-12 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equlty of Sherman Systems appears as follows. Common stock-$10 par value, 79, 800 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 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. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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. Show less View transaction list Journal entry worksheet Record the purchase of 5,700 shares of its own common stock for $32 cash per share. Note: Enter debits before credits. Exercise 11-12 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 79,880 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 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. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the stockholders' equity section after the October 11 treasury stock purchase. Revised Equity Section of Balance Sheet After October 11 Total contributed capital Total Total stockholders' equity