Exercise 11-13 (Algo) Recording and reporting treasury stock transactions LO P3 4 On October 10, the stockholders' equity section of Sherman Systems appears as follows. 4 points Common stock-$10 par value, 5, 650 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 940,000 326,000 1,040,000 $ 2,306,000 eBook 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,200 shares of its own common stock at $47 per share on October 11. b. Sold 1,550 treasury shares on November 1 for $53 cash per share. c. Sold all remaining treasury shares on November 25 for $46 cash per share. Hint 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Ask Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 References Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,200 shares of its own common stock at $47 per share on October 11. b. 1,550 treasury shares on Nov 1 for $53 per share. C. Sold all remaining treasury shares on November 25 for $46 cash per share. Show less View transaction list Journal entry worksheet Record the purchase of 7,200 shares of its own common stock for $47 cash per share. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal