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Return to que 13 6.66 points $ 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, 5,350 shares authorized, issued, and outstanding $ 900,000 Paid-in capital in excess of par value, common stock 306,000 Retained earnings 1.000.000 Total stockholders' equity 2,214,000 1. Prepare journal entries to record the following transactions for Sherman Systems a. Purchased 6,800 shares of its own common stock at $43 per share on October 11 b. Sold 1,450 treasury shares on November 1 for $49 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,800 shares of its own common stock at $43 per share on October 11. b. Sold 1,450 treasury shares on November 1 for $49 cash per share. c. Sold all remaining treasury shares on November 25 for $42 cash per share. General Journal No Transaction 1 a Show less Debit Credit 292,4067 292.400 Treasury stock Cash 2 b. 71,050 Cash Treasury stock Paid-in capital, treasury stock 62,350 8,700 3 C 224,700 8,700X 18,050X Cash Paid-in capital, treasury stock Treasury stock Retained earings Required 1 230,050X Required 2 > Return to question 13 Exercise 11-13 (Algo) Recording and reporting treasury stock transactions LO P3 6.66 points On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 5,350 shares authorized, issued, and outstanding $ 900,000 Paid-in capital in excess of par value, common stock 306,000 Retained earnings 1,000,000 Total stockholders' equity 2,214,000 $ 1. Prepare journal entries to record the following transactions for Sherman Systems a. Purchased 6,800 shares of its own common stock at $43 per share on October 11. b. Sold 1,450 treasury shares on November 1 for $49 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required Require 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 0 Total 0 Total stockholders' equity $ lo