Exercise 11-14 (Algo) Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 80,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 800,000 256,000 928,000 $1,984,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,800 shares of its own common stock at $33 per share on October 11. b. Sold 1,200 treasury shares on November 1 for $39 cash per share. c. Sold all remaining treasury shares on November 25 for $28 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. 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 5,800 shares of its own common stock at $33 per share on October 11. b. Sold 1,200 treasury shares on November 1 for $39 cash per share. c. Sold all remaining treasury shares on November 25 for $28 cash per share. Show less View transaction list Journal entry worksheet Record the purchase of 5,800 shares of its own common stock for $33 cash per share. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general Journal 1 Record the purchase of 5,800 shares of its own common stock for $33 cash per share. Record the reissue of 1,200 shares of the treasury stock for $39 cash per share. Record the reissue of the remaining shares of the treasury stock for $28 cash per share. 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