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, 88,000 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 6,600 shares of its own common stock at $41 per share on October 11. b. Sold 1,400 treasury shares on November 1 for $47 cash per share. c. Sold all remaining treasury shares on November 25 for $40 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. $ 880,000 296,000 992,000 $ 2,168,000 Answer is complete but not entirely correct. 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 6,600 shares of its own common stock at $41 per share on October 11. b. Sold 1,400 treasury shares on November 1 for $47 cash per share. c. Sold all remaining treasury shares on November 25 for $40 cash per share. No 1 Transaction General Journal a. Treasury stock Cash 2 b. Cash Treasury stock Paid-in capital, treasury stock 3 C. Cash Paid-in capital, treasury stock Treasury stock < Required 1 Required 2 > Show less Debit Credit 270,600 270,600 65,800 57,400 8,400 187,200 8,400 213,200