On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 75,000 shares

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On October 10 The Stockholders Equity Of Sherman Systems Appears As Follows Common Stock 10 Par Value 75 000 Shares 1 (503.44 KiB) Viewed 11 times

On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 75,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 750,000 231,000 888,000 $ 1,869,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,300 shares of its own common stock at $28 per share on October b. Sold 1,075 treasury shares on November 1 for $34 cash per share. c. Sold all remaining treasury shares on November 25 for $23 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.