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Not sure what I'm doing wrong on the retaining earnings and treasury stock and the numbers for them could anyone help? On October 10, the
Not sure what I'm doing wrong on the retaining earnings and treasury stock and the numbers for them could anyone help?
On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 5,725 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 950,000 331,000 1,048,000 $ 2,329,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,300 shares of its own common stock at $48 per share on October 11. b. Sold 1,575 treasury shares on November 1 for $54 cash per share. c. Sold all remaining treasury shares on November 25 for $47 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. X 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 7,300 shares of its own common stock at $48 per share on October 11. b. Sold 1,575 treasury shares on November 1 for $54 cash per share. c. Sold all remaining treasury shares on November 25 for $47 cash per share. Show less No Transaction General Journal Debit Credit 1 a. 350,400 Treasury stock Cash 350,400 2 b. Cash 85,050 Treasury stock Paid-in capital, treasury stock 75,600 9,450 3 C. Cash 269,075 9,450 X Paid-in capital, treasury stock Retained earnings Treasury stock 19,175 X X x 274,800 xStep by Step Solution
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