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On October 10, the stockholders equity of Sherman Systems appears as follows. ...

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Accounting

On October 10, the stockholders equity of Sherman Systems appears as follows.
Common stock$10 par value, 94,000 shares authorized, issued, and outstanding $ 940,000
Paid-in capital in excess of par value, common stock 326,000
Retained earnings 1,040,000
Total stockholders equity $ 2,306,000

1. Prepare journal entries to record the following transactions for Sherman Systems.

  1. Purchased 7,200 shares of its own common stock at $47 per share on October 11.
  2. Sold 1,550 treasury shares on November 1 for $53 cash per share.
  3. Sold all remaining treasury shares on November 25 for $42 cash per share.

Journal entry worksheet-

Record the purchase of 7,200 shares of its own common stock for $47 cash per share.

Record the reissue of 1,550 shares of the treasury stock for $53 cash per share.

Record the reissue of the remaining shares of the treasury stock for $42 cash per share.

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