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On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 96,000 shares authorized, issued, and outstanding $ 960,000 Paid-in capital in excess of par value, common stock 336,000 Retained earnings 1,056, 000 Total stockholders' equity $2,352,000 1. Prepare journal entries to record the following transactions for Sherman Systems a. Purchased 7,400 shares of its own common stock at $49 per share on October 11. b. Sold 1,600 treasury shares on November 1 for $55 cash per share. c. Sold all remaining treasury shares on November 25 for $44 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 7,400 shares of its own common stock at $49 per share on October 11. b. Sold 1,600 treasury shares on November 1 for $55 cash per share. c. Sold all remaining treasury shares on November 25 for $44 cash per share. Show less View transaction list Journal entry worksheet eduy shares on November 25 for $44 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 stockholdersequity section after the October 11 treasury stock purchase. Revised Equity Section of Balance Sheet After October 11 Total contributed capital Total Total stockholders' equity 0

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