On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par vallue, 92,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings 920,000 316,000 1,024,000 $ 2, 260,000 Total stockholders' equity 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,000 shares of its own common stock at $45 per share on October 11. b. Sold 1,500 treasury shares on November 1 for $51 cash per share. c. Sold all remaining treasury shares on November 25 for $40 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 7,000 shares of its own common stock at $45 per share on October 11. b. Sold 1,500 treasury shares on November 1 for $51 cash per share. c. Sold all remaining treasury shares on November 25 for $40 cash per share. Show lessA View transaction list Journal entry worksheet 2 3 Record the purchase of 7,000 shares of its own common stock for $45 cash per share. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Journal entry worksheet 2 3 Record the reissue of 1,500 shares of the treasury stock for $51 cash per share. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal Journal entry worksheet 2 3 Record the reissue of the remaining shares of the treasury stock for $40 cash per share. Note: Enter debits before credits. Credit Transaction General Journal Debit C. Record entry Clear entry View general journal