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

Common stock$10 par value, 97,000 shares authorized, issued, and outstanding	$ 970,000
Paid-in capital in excess of par value, common stock	341,000
Retained earnings	1,064,000
Total stockholders equity	$ 2,375,000

Prepare journal entries to record the following transactions for Sherman Systems.

1. Purchased 7,500 shares of its own common stock at $50 per share on October 11.
2. Sold 1,625 treasury shares on November 1 for $56 cash per share.
3. Sold all remaining treasury shares on November 25 for $49 cash per share.

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

• Record the purchase of 7,500 shares of its own common stock for $50 cash per share.
• Record the reissue of 1,625 shares of the treasury stock for $56 cash per share.
• Record the reissue of the remaining shares of the treasury stock for $49 cash per share.