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On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 91,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 910,000 311,000 1,016,000 $2,237,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,900 shares of its own common stock at $44 per share on October 11. b. Sold 1,475 treasury shares on November 1 for $50 cash per share. c. Sold all remaining treasury shares on November 25 for $39 cash per share. No Transaction General Journal Credit Debit 303,600 Treasury stock Cash 303,600 73,750 Cash Treasury stock 64,900 8,850 Paid-in capital in excess of par value, common stock Cash Paid-in capital in excess of par value, common stock Retained earnings Treasury stock 211,575 8,850 18,275 238,700 2. Prepare the revised equity section of its balance sheet after the October 11 treasury stock purchase. Revised Equity Section of Balance Sheet After October 11 Common stock, $10 par Paid-in capital in excess of par value, common stock Total contributed capital Retained earnings Total Less: Cost of treasury stock Total stockholders' equity *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted