Retained earning?

Exercise 11-10 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity of Sherman Systems appears as follows Common stock-$10 par value, 75,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity s 750,000 231,000 888,000 $1,869,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,300 shares of its own common stock at $28 per share on October 11. b. Sold 1,075 treasury shares on November 1 for $34 cash per share. c. Sold all remaining treasury shares on November 25 for $23 cash per share. 2. Prepare the revised equity section of its balance sheet after the October 11 treasury s Answer is not complete. Revised Equity Section of Balance Sheet After October 11 Common stock, $10 par Paid-in capital in excess of par value, common stock Total contributed capital Retained earnings Total Less: Cost of treasury stock Total stockholders' equity $ 750,000 231,000 981,000 981,000 148,400 $ 832,600