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Exercise 11-12 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity of Sherman Systems appears as follows. Connon stock-$10 par value, $6,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 60,000 286,000 976.000 $2,122.000 1. Prepare journal entries to record the following transactions for Sherman Systems a. Purchased 6,400 shares of its own common stock at $39 per share on October 11. b. Sold 1,350 treasury shares on November 1 for $45 cash per share. c. Sold all remaining treasury shares on November 25 for $34 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 journal entries to record the following transactions for Sherman Systems a. Purchased 6,400 shares of its own common stock at $39 per share on October 11. b. Sold 1,350 treasury shares on November 1 for $45 cash per share. C. Sold all remaining treasury shares on November 25 for $34 cash per share. Show less Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems a. Purchased 6,400 shares of its own common stock at $39 per share on October 11. b. Sold 1,350 treasury shares on November 1 for $45 cash per share. c. Sold all remaining treasury shares on November 25 for $34 cash per share. Show less View transaction list Journal entry worksheet 1 2 3 Record the purchase of 6,400 shares per share. its own common stock for $39 cash Note: Enter debits before credits Transaction General Journal Debit Credit 21 Record entry Clear entry View general Journal ework Saved a. Purchased 6,400 shares of its own common stock at $39 per share on October 11. b. Sold 1,350 treasury shares on November 1 for $45 cash per share. c. Sold all remaining treasury shares on November 25 for $34 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