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On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 89,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 890,000 301,000 1,000,000 $2,191,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,700 shares of its own common stock at $42 per share on October 11. b. Sold 1,425 treasury shares on November 1 for $48 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,700 shares of its own common stock at $42 per share on October 11. b. Sold 1,425 treasury shares on November 1 for $48 cash per share. C. Sold all remaining treasury shares on November 25 for $37 cash per share. Show less General Journal Credit No 1 Transaction a. Debit 281,400 Treasury stock Cash 281,400 b. 68,400 Cash Treasury stock Paid-in capital, treasury stock Required 1 Required 2 > On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 89,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 890,000 301,000 1,000,000 $2,191,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,700 shares of its own common stock at $42 per share on October 11. b. Sold 1,425 treasury shares on November 1 for $48 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the stockholders' equity section after the October 11 treasury stock purchase. Revised Equity Section of Balance Sheet After October 11 Treasury stock Treasury stock Total contributed capital Treasury stock Total Add: Cost of treasury stock Total stockholders' equity
