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On October 10, the stockholders equity of Sherman Systems appears as follows: Common stock$10 par value, 82,000 shares authorized, issued, and outstanding $ 820,000 Paid-in
On October 10, the stockholders equity of Sherman Systems appears as follows: |
Common stock$10 par value, 82,000 shares authorized, issued, and outstanding | $ | 820,000 |
Paid-in capital in excess of par value, common stock | 266,000 | |
Retained earnings | 944,000 | |
Total stockholders equity | $ | 2,030,000 |
1. | Prepare journal entries to record the following transactions for Sherman Systems. |
a. | Purchased 6,000 shares of its own common stock at $35 per share on October 11. | |
b. | Sold 1,250 treasury shares on November 1 for $41 cash per share. | |
c. | Sold all remaining treasury shares on November 25 for $30 cash per share. |
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