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

Common stock$10 par value, 77,000 shares authorized, issued, and outstanding	$ 770,000
Paid-in capital in excess of par value, common stock	241,000
Retained earnings	904,000
Total stockholders equity	$ 1,915,000

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

1A) Purchased 5,500 shares of its own common stock at $30 per share on October 11.

1B) Sold 1,125 treasury shares on November 1 for $36 cash per share.

1C) Sold all remaining treasury shares on November 25 for $29 cash per share.

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