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6 Exercise 11-12 Recording and reporting treasury stock transactions LO P3 2.25 Doints On October 10, the stockholders' equity of Sherman Systems appears as follows Common stock-510 par value, 92,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 500k $920,000 316,000 1,024,000 52,260,000 Mint 1. Prepare journal entries to record the following transactions for Sherman Systems Print a. Purchased 7000 shares of its own common stock at $45 per share on October 11 b. Sold 1500 treasury shares on November 1 for $51 cash per share c. Sold all remaining treasury shares on November 25 for $40 cash per share 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase References 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 7,000 shares of its own common stock at $45 per share on October 11 b. Sold 1,500 treasury shares on November 1 for $51 cash per share. c. Sold all remaining treasury shares on November 25 for 540 cash per share Show less View transaction list Journal entry worksheet 2 3 7 Exercise 11-13 Preparing stockholders' equity section LO P1, C2, P3, C3 2 pont In Draco Corporation's first year of business, the following transactions affected its equity accounts Issued 6,600 shares of $2 par value common stock for $44 It authorized 20,000 shares Issued 1650 shares of 12% $10 par value preferred stock for $49. It authorized 3,000 shares Reacquired 330 shares of common stock for $56 each Retained earnings is impacted by reported net income of S76,000 and cash dividends of $28,000. Prepare the stockholders equity section of Draco's balance sheet as of December 31. (Amounts to be deducted should be Indicated by a minus sign) Bock Print References DRACO CORPORATION Stockholders'Equity Section of the Balance Sheet December 31 Total stockholders

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