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. 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 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 View transaction list Journal entry worksheet 2 3 Record the purchase of 6,500 shares of its own common stock for $40 cash per share.