On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 72,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,000 shares of its own common stock at $25 per share on October 11. b. Sold 1,000 treasury shares on November 1 for $31 cash per share. c. Sold all remaining treasury shares on November 25 for $24 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. $ 720,000 216,000 864,000 $ 1,800,000 Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,000 shares of its own common stock at $25 per share on October 11. b. Sold 1,000 treasury shares on November 1 for $31 cash per share. c. Sold all remaining treasury shares on November 25 for $24 cash per share. 1 No a. Transaction General Journal Treasury stock Cash 2 b. Cash Treasury stock Paid-in capital, treasury stock 3 C. Cash Paid-in capital, treasury stock Treasury stock Show le Debit Credit 125,000 125,000 31,000 25,000 6,000 96,000