On October 10, the stockholders equity of Sherman Systems appears as follows.
Common stock$10 par value, 94,000 shares authorized, issued, and outstanding	$	940,000
Paid-in capital in excess of par value, common stock		326,000
Retained earnings		1,040,000
Total stockholders equity	$	2,306,000
1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 7,200 shares of its own common stock at $47 per share on October 11. Sold 1,550 treasury shares on November 1 for $53 cash per share. Sold all remaining treasury shares on November 25 for $42 cash per share. Journal entry worksheet- Record the purchase of 7,200 shares of its own common stock for $47 cash per share. Record the reissue of 1,550 shares of the treasury stock for $53 cash per share. Record the reissue of the remaining shares of the treasury stock for $42 cash per share.