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On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 74,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 740,000 226,000 880,000 $1,846,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,200 shares of its own common stock at $27 per share on October 11. b. Sold 1,050 treasury shares on November 1 for $33 cash per share. c. Sold all remaining treasury shares on November 25 for $22 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 Answer is not complete. 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 Common stock, $10 par $ 740,000 Paid-in capital in excess of par value, common stock 226,000 Total contributed capital 966,000 Retained earnings 880,000 Total 1,846,000 Less: Cost of treasury stock Total stockholders' equity $ 1,846,000

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