OX Exercise 11-12 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity of Sherman Systems appears as follows. 01:06:18 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 Skipped $ 720,000 216,000 864,000 $1,800,000 1. Prepare journal entries to record the following transactions for Sherman Systems. Hint 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 $20 cash per share. looie 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Complete this question by entering your answers in the tabs below. References 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 $20 cash per share, a w/ERTY