Recording and reporting treasury stock transactions P3 On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 per value, 72,000 shares authorized, sued, and outstanding...... Paid-in capital in excess of par value, common stock $720.000 216000 864000 $1,800,000 Total stockholders' equity 1. 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 $24 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.