Exercise 13-13 (Algo) Recording and reporting treasury stock transactions LO P3 $ 850,000 281,000 968,000 $ 2,999,000 On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-510 par value, 4,975 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. o. Purchased 6,300 shares of its own common stock at $38 per share on October 11 b. Sold 1,325 treasury shares on November 1 for $44 cash per share. c. Sold all remaining treasury shares on November 25 for $37 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,300 shares of its own common stock at $38 per share on October 11. b. Sold 1,325 treasury shares on November 1 for $44 cash per share. c. Sold all remaining treasury shares on November 25 for $37 cash per share. Show less No Transaction General Journal Credit 1 Treasury stock Cash O Debit 239.400 239,400 2 b 58,300 . Cash Treasury stock Paid in capital, treasury stock 50,350 7,950 3 Cash Paid in capital, treasury stock Retained earnings Treasury stock 184,075 7.950 X * 2.975 X 189,050 X