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On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 88,000 shares authorized, issued, and outstanding Paid-in capital in
On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 88,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock 880,000 296,000 992,000 Retained earnings Total stockholders' equity $2,168,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,600 shares of its own common stock at $41 per share on October 11 b. Sold 1,400 treasury shares on November 1 for $47 cash per share. c. Sold all remaining treasury shares on November 25 for $36 cash per share
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