On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 5,575 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 930,000 321,000 1,032,000 $ 2,283,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,100 shares of its own common stock at $46 per share on October 11. b. Sold 1,525 treasury shares on November 1 for $52 cash per share. c. Sold all remaining treasury shares on November 25 for $45 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Answer is not complete. 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 7,100 shares of its own common stock at $46 per share on October 11. b. Sold 1,525 treasury shares on November 1 for $52 cash per share. c. Sold all remaining treasury shares on November 25 for $45 cash per share. Show less No Transaction General Journal Credit Debit 326,600 1 a. Treasury stock Cash 326,600 2 b. Cash 79,300 Treasury stock 70,150 Paid-in capital, treasury stock 9,150 3 C. Cash 250,875 9,150 X Paid-in capital, treasury stock Retained earnings Treasury stock Required 1 Required 2 > On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 5,575 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 930,000 321,000 1,032,000 $ 2,283,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,100 shares of its own common stock at $46 per share on October 11. b. Sold 1,525 treasury shares on November 1 for $52 cash per share. c. Sold all remaining treasury shares on November 25 for $45 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the stockholders' equity section after the October 11 treasury stock purchase. Revised Stockholders' Equity Section of Balance Sheet After October 11 Common stock, $10 par $ 930,000 Paid-in capital in excess of par value, common stock 321,000 Total contributed capital 1,251,000 Retained earnings 1,032,000 Total 2,283,000 Less: Cost of treasury stock 326,600 Total stockholders' equity $ 1,956,400