On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 87,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 870,000 291,000 984,000 $ 2,145,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,500 shares of its own common stock at $40 per share on October 11 b. Sold 1,375 treasury shares on November 1 for $46 cash per share. c. Sold all remaining treasury shares on November 25 for $35 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,500 shares of its own common stock at $40 per share on October 11. b. Sold 1,375 treasury shares on November 1 for $46 cash per share. C. Sold all remaining treasury shares on November 25 for $35 cash per share. Show less No Transaction General Journal Credit Debit 260,000 Treasury stock Cash 260,000 Cash 63,250 Treasury stock Paid-in capital, treasury stock OOOO OOO OO 48,125 15.125 X 157.500 X 48,125 x Cash Paid-in capital, treasury stock Retained earnings Treasury stock 196,875 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