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. 5. 875 shares authorized, iosuod, and outstanding Pald-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 970,000 341,000 1.064.000 $ 2,375,000 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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. View transaction list Journal entry worksheet 1 2 3 Record the purchase of 7,500 shares of its own common stock for $50 cash per share. Journal entry worksheet Record the reissue of 1,625 shares of the treasury stock for $56 cash per share. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general Journal Journal entry worksheet