Required information [The following information applies to the questions displayed below) On June 30, Sharper Corporation's stockholders' equity section of its balance sheet appears as follows before any stock dividend or split. Shorper declares and immediately distributes a 50% stock dividend. common stock-$10 par value, 120,000 shares authorised, 62,000 abares Laned and outstanding Poid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 6 620.000 260,000 690.000 $1,570,000 Required: (1) Prepare the updated stockholders' equity section after ution is made. (2) Compute the number of shares outstanding after the distribution is made di Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the updated stockholders' equity section ofter the distribution is made Common stock-$10 par value, 120,000 shares authorized, 62,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 620,000 260,000 690,000 $1,570,000 Required: Prepare the updated stockholders' equity section after the distribution is made (2) Compute the number of shares outstanding after the distribution is made Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the updated stockholders' equity section after the distributions made SHARPER CORPORATION Stockholders' Equity Section of the Balance Sheet June 30 Total stockholders' equity Common stock-$10 par value, 120,000 shares authorized, 62,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 620,000 260,000 690,000 $1,570,000 Required: (1) Prepare the updated stockholders' equity section after the distribution is made. (2) Compute the number of shares outstanding after the distribution is made Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the number of shares outstanding after the distribution is made Number of common shares outstanding Record the purchase of 7,100 shares of its own common stock for $46 cash per share. Note: Enter debits fore credits Transaction General Journal Debit Credit 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 $41 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase, 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 Equity Section of Balance Sheet After October 11 Total contributed capital Total Total stockholders equity
