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On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 77,000 shares authorized, issued, and outstanding Paid-in capital in
On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 77,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 770,000 241,000 904,000 $ 1,915,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5.500 shares of its own common stock at $30 per share on October 11. b. Sold 1,125 treasury shares on November 1 for $36 cash per share. c. Sold all remaining treasury shares on November 25 for $25 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,500 shares of its own common stock at $30 per share on October 11. b. Sold 1,125 treasury shares on November 1 for $36 cash per share. c. Sold all remaining treasury shares on November 25 for $25 cash per share. Show less Journal entry worksheet Record the purchase of 5,500 shares of its own common stock for $30 cash per share. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record the reissue of 1,125 shares of the treasury stock for $36 cash per share. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet
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