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Im on stuck on this part below... On October 10, the stockholders' equity of Sherman Systems appears as follows $ Common stock-$10 par value, 89,000
Im on stuck on this part below...
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 890,000 101.000 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 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, S10 par S 890,000 Paid in capita in excess of par value, common stock Total contributed capital 890,000 Retained earnings Total 890,000 Less: Cost of treasury stock Total stockholders' equity S 890,000Step by Step Solution
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