On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 94,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 940,000 326,000 1,040,000 $2,306,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,200 shares of its own common stock at $47 per share on October 11. b. Sold 1,550 treasury shares on November 1 for $53 cash per share. c. Sold all remaining treasury shares on November 25 for $42 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,200 shares of its own common stock at $47 per share on October 11. b. Sold 1,550 treasury shares on November 1 for $53 cash per share. c. Sold all remaining treasury shares on November 25 for $42 cash per share. Show less View transaction list Journal entry worksheet Record the purchase of 7,200 shares of its own common stock for $47 cash per share. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Required 1 Required 2 Prepare the stockholders' equity section after the October 11 treasury stock purchase. Revised Equity Section of Balance Sheet After October 11 Total contributed capital Total Total stockholders' equity