On October 10, the stockholders equity of Sherman Systems appears as follows. Common stock$10 par value, 73,000 shares authorized, issued, and outstanding $ 730,000 Paid-in capital in excess of par value, common stock 221,000 Retained earnings 872,000 Total stockholders equity $ 1,823,000

1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,100 shares of its own common stock at $26 per share on October 11. b. Sold 1,025 treasury shares on November 1 for $32 cash per share. c. Sold all remaining treasury shares on November 25 for $21 cash per share.

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

3. Revised Equity of Balance Sheet After October 11

Total contributed capital

Total

Total stockholders equity $