On October 10, the stockholders' equity of Sherm Systems appears as follows: Common stock-$10 par value, 92,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $920,000 316,000 1,024,000 $ 2,260,000 1. Prepare journal entries to record the following transactions for Sherm Systems a. Purchased 7,000 shares of its own common stock at $45 per share on October 11 b. Sold 1,500 treasury shares on November 1 for $51 cash per share. c. Sold all remaining treasury shares on November 25 for $40 cash per share