Question
On October 10, the stockholders equity of Sherman Systems appears as follows: Common stock$10 par value, 75,000 shares authorized, issued, and outstanding $ 750,000 Paid-in
On October 10, the stockholders equity of Sherman Systems appears as follows: Common stock$10 par value, 75,000 shares authorized, issued, and outstanding $ 750,000 Paid-in capital in excess of par value, common stock 231,000 Retained earnings 888,000 Total stockholders equity $ 1,869,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,300 shares of its own common stock at $28 per share on October 11. b. Sold 1,075 treasury shares on November 1 for $34 cash per share. c. Sold all remaining treasury shares on November 25 for $23 cash per share.
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