On October 10, the stockholders equity of Sherman Systems appears as follows.

1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 7,400 shares of its own common stock at $49 per share on October 11. Sold 1,600 treasury shares on November 1 for $55 cash per share. Sold all remaining treasury shares on November 25 for $44 cash per share.

2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.

Common stock-$10 par value, 96,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 960,000 336,000 1,056,000 $2,352,000 Total stockholders' equity Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,400 shares of its own common stock at $49 per share on October 11. b. Sold 1,600 treasury shares on November 1 for $55 cash per share. c. Sold all remaining treasury shares on November 25 for $44 cash per share. View transaction list Journal entry worksheet 1 2 3 Record the purchase of 7,400 shares of its own common stock for $49 cash per share. Note: Enter debits before credits. General Journal Debit Credit Transaction a. I Record entry Clear entry View general journal Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,400 shares of its own common stock at $49 per share on October 11. b. Sold 1,600 treasury shares on November 1 for $55 cash per share. c. Sold all remaining treasury shares on November 25 for $44 cash per share. View transaction list Journal entry worksheet Record the reissue of 1,600 shares of the treasury stock for $55 cash per share. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 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