Exercise 13-13 (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, 97,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 1. 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 $49 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. $ 970,000 341,000 1,064,000 $ 2,375,000 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 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 $49 cash per share. Journal entry worksheet 1 2 3 Record the purchase of 7,500 shares of its own common stock for $50 cash per share. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 3 Record the reissue of 1,625 shares of the treasury stock for $56 cash per share. Note: Enter debits before credits. Transaction b. General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 1 2 3 Record the reissue of the remaining shares of the treasury stock for $49 cash per share. Note: Enter debits before credits. Transaction C. General Journal Debit Credit Record entry Clear entry View general journal