On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 5,800 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 7,400 shares of its own common stock at $49 per share on October 11. b. Sold 1,600 treasury shares on November 1 for $55 cash per share. c. Sold all remaining treasury shares on November 25 for $48 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. $ 960,000 336,000 1,056,000 $ 2,352,000 Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,400 shares of its own common stock at $49 per share on October 11. b. Sold 1,600 treasury shares on November 1 for $55 cash per share. c. Sold all remaining treasury shares on November 25 for $48 cash per share. View transaction list Journal entry worksheet Show less