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On October 10, the stockholders equity of Sherman Systems appears as follows. Common stock$10 par value, 95,000 shares authorized, issued, and outstanding $ 950,000 Paid-in
On October 10, the stockholders equity of Sherman Systems appears as follows.
Common stock$10 par value, 95,000 shares authorized, issued, and outstanding | $ | 950,000 | |
Paid-in capital in excess of par value, common stock | 331,000 | ||
Retained earnings | 1,048,000 | ||
Total stockholders equity | $ | 2,329,000 | |
1. Prepare journal entries to record the following transactions for Sherman Systems.
- Purchased 7,300 shares of its own common stock at $48 per share on October 11.
- Sold 1,575 treasury shares on November 1 for $54 cash per share.
- Sold all remaining treasury shares on November 25 for $43 cash per share.
transaction | general journal | debit | credit |
a | |||
b | |||
c |
1b. Prepare the stockholders' equity section after the October 11 treasury stock purchase.
total contributed capital | |
total | |
total stockholders' equity |
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