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 $870,000 291,000 $2,145,000 Total stockholders' equity 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 revised equity section of its balance sheet after the October 11 treasury stock purchase Revised Equity Section of Balance Sheet After October 11 Retained earnings Treasury stock Total contributed capital 0 Common stock, $10 par Total Add: Cost of treasury stock Total stockholders' equity