On October 10, the stockholders equity of Sherman Systems appears as follows. Common stock$10 par value, 97,000 shares authorized, issued, and outstanding $ 970,000 Paid-in capital in excess of par value, common stock 341,000 Retained earnings 1,064,000 Total stockholders equity $ 2,375,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,500 shares of its own common stock at $50 per share on October 11. b. Sold 1,625 treasury shares on November 1 for $56 cash per share. c. Sold all remaining treasury shares on November 25 for $45 cash per share.

Prepare the revised equity section of its balance sheet after the October 11 treasury stock purchase.