Exercise 11-14 (Static) Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity section of Sherman Systems appears as follows. Comon stock-$10 par value, 72,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 720,000 216,000 864,000 $1,800,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,000 shares of its own common stock at $25 per share on October 11. b. Sold 1,000 treasury shares on November 1 for $31 cash per share. c. Sold all remaining treasury shares on November 25 for $20 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 5,000 shares of its own common stock at $25 per share on October 11 b. Sold 1,000 treasury shares on November 1 for $31 cash per share. c. Sold all remaining treasury shares on November 25 for $20 cash per share. Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,000 shares of its own common stock at $25 per share on October 11. b. Sold 1,000 treasury shares on November 1 for $31 cash per share. c. Sold all remaining treasury shares on November 25 for $20 cash per share. Shou View transaction list Journal entry worksheet 1 2 3 Record the purchase of 5,000 shares of its own common stock for $25 cash per share Note: Enter debits before credits Transaction General Journal Debit Credit c. Sold all remaining treasury shares on November 25 for $20 cash per share. View transaction list Journal entry worksheet N 3 > Record the reissue of 1,000 shares of the treasury stock for $31 cash per share. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry Vw general Journal Vlow general Journal View transaction list Journal entry worksheet 1 2 Record the reissue of the remaining shares of the treasury stock for $20 cash per share. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal