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Exercise 11-13 (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, 5,275 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 $41 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 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 $41 cash per share. 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 $41 cash per share. View transaction list X: X 1 Record the purchase of 6,700 shares of its own common stock for $42 cash per share. 2 cash 2 Record the reissue of 1,425 shares of the treasury stock for $48 cash per share. 3 Record the reissue of the remaining shares of the treasury stock for $41 cash per share. Credit Note : - Journal entry has been entered 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 Prepare the stockholders' equity section after the October 11 treasury stock purchase. Revised Stockholders' Equity Section of Balance Sheet After October 11 + Total contributed capital Total Total stockholders' equity