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Exercise 11-12 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 94,000 shares authorized, issued, and outstanding $ 940,000 Paid-in capital in excess of par value, 326,000 common stock Retained earnings 1,040,000 Total stockholders' equity $2,306,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,200 shares of its own common stock at $47 per share on October 11. b. Sold 1,550 treasury shares on November 1 for $53 cash per share. c. Sold all remaining treasury shares on November 25 for $42 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 Required 1 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,200 shares of its own common stock at $47 per share on October 11. b. Sold 1,550 treasury shares on November 1 for $53 cash per share. c. Sold all remaining treasury shares on November 25 for $42 cash per share. Show less View transaction list Journal entry worksheet 1 2 3 > Record the purchase of 7,200 shares of its own common stock for $47 cash per share. Note: Enter debits before credits. General Journal Debit Credit Transaction a. Record entry View general journal Clear entry On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 94,000 shares authorized, issued, and outstanding $ 940,000 Paid-in capital in excess of par value, 326,000 common stock Retained earnings 1,040,000 Total stockholders' equity $2,306,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,200 shares of its own common stock at $47 per share on October 11. 5. Sold 1,550 treasury shares on November 1 for $53 cash per share. c. Sold all remaining treasury shares on November 25 for $42 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 Required 1 2 Prepare the stockholders' equity section after the October 11 treasury stock purchase. Revised Equity Section of Balance Sheet After October 11 Total contributed capital 0 Total 0 Total stockholders' equity $ 0 Prepare the stockholders' equity section after the October 11 treasury stock purchase. Required 1 section of Balance Sheet After October 11 Total contributed capital 0 Total Common stock, $10 par Dividends Paid-in capital in excess of par value, common stock 12 ) Retained earnings Treasury stock Prepare the stockholders' equity section after the October 11 treasury stock purchase. Revised Equity Section of Balance Sheet After October 11 Total contributed capital 0 Total 0 To letoolboldore' cauit $ 0 Required 2 Add: Cost of treasury stock Less: Cost of treasury stock
