On October 10, the stockholders equity section of Sherman Systems appears as follows. Common stock$10 par value, 94,000 shares authorized, issued, and outstanding $ 940,000 Paid-in capital in excess of par value, common stock 326,000 Retained earnings 1,040,000 Total stockholders equity $ 2,306,000 Prepare journal entries to record the following transactions for Sherman Systems. Purchased 7,200 shares of its own common stock at $47 per share on October 11. Sold 1,550 treasury shares on November 1 for $53 cash per share. Sold all remaining treasury shares on November 25 for $46 cash per share. Prepare the stockholders' equity section after the October 11 treasury stock purchase.

Require 1)

Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,200 shares of its own common stock at $47 per share on October 11.

b. Sold 1,550 treasury shares on November 1 for $53 cash per share.

c. Sold all remaining treasury shares on November 25 for $46 cash per share.

Required 2)

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

Revised Stockholders' Equity Section of Balance Sheet After October 11
Total contributed capital	0
Total	0
Total stockholders equity	$0