Exercise 13-12 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, 97,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders equity 5970,000 341,000 1,066,000 $2,375,000 1. Prepare joumal entries to record the following transactions for Sherman Systems a. Purchased 7,500 shares of its own common stock at $50 per share on October 11 b. Sold 1,625 treasury shares on November 1 for $56 cash per share c. Sold all remaining treasury shares on November 25 for $45 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. Rogulec Required 2 Prepare journal entries to record the following transactions for Sherman Systems a. Purchased 7,500 shares of its own common stock at $50 per share on October 11. b. Sold 1,625 treasury shares on November 1 for $56 cash per share. cSold all remaining treasury shares on November 25 for $45 cash per share. Show less Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems a. Purchased 7,500 shares of its own common stock at $50 per share on October 11. b. Sold 1,625 treasury shares on November 1 for $56 cash per share. c. Sold all remaining treasury shares on November 25 for $45 cash per share. View transaction list Journal entry worksheet Record the purchase of 7,500 shares of its own common stock for $50 cash per share. Note: Enter debits before credits. Transaction a. Goneral Journal Dobit Credit Record entry Clear entry View general journal 1. Prepare jouma SW TELUIU U TOHOWING undLLUNS TUI Ned Systems a. Purchased 7,500 shares of its own common stock at $50 per share on October 11. b. Sold 1,625 treasury shares on November 1 for $56 cash per share. c. Sold all remaining treasury shares on November 25 for $45 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 Shoot After October 11 Total contributed capital 0 Total 0 Total stockholders' equity 0 Required