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, 4,375 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 5,500 shares of its own common stock at $30 per share on October 11. b. Sold 1,125 treasury shares on November 1 for $36 cash per share. c. Sold all remaining treasury shares on November 25 for $29 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. $770,000 241,000 904,000 $ 1,915,000 Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,500 shares of its own common stock at $30 per share on October 11. b. Sold 1,125 treasury shares on November 1 for $36 cash per share. c. Sold all remaining treasury shares on November 25 for $29 cash per share. View transaction list Journal entry worksheet