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Exercise 11-13 (Static) Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 72,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,000 shares of its own common stock at $25 per share on October 11. b. Sold 1,000 treasury shares on November 1 for $31 cash per share. c. Sold all remaining treasury shares on November 25 for $24 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. $ 720,000 216,000 864,000 $ 1,800,000

Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,000 shares of its own common stock at $25 per share on October 11. b. Sold 1,000 treasury shares on November 1 for $31 cash per share.. c. Sold all remaining treasury shares on November 25 for $24 cash per share. i View transaction list No Transaction 1 2 3 b. C. View journal entry worksheet Treasury stock Cash Cash General Journal Treasury stock Paid-in capital, treasury stock Cash Paid-in capital, treasury stock Retained earnings Treasury stock < Required 1 Required 2 > Debit 125,000 31,000 Credit 125,000 25,000 6,000

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 Stockholders' Equity Section of Balance Sheet After October 11 Common stock, $10 par $ Paid-in capital in excess of par value, common stock Total contributed capital Retained earnings Total Less: Cost of treasury stock Total stockholders' equity < Required 1 $ 720,000 216,000 936,000 864,000 1,800,000 125,000 1,675,000 Required 2