On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 5,050 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 860,000 286,000 976,000 $ 2,122,000 Total stockholders' equity 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,400 shares of its own common stock at $39 per share on October 11. b. Sold 1,350 treasury shares on November 1 for $45 cash per share. c. Sold all remaining treasury shares on November 25 for $38 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.

On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 5,050 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 860,000 286,000 976,000 $ 2,122,000 Total stockholders' equity 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,400 shares of its own common stock at $39 per share on October 11. b. Sold 1,350 treasury shares on November 1 for $45 cash per share. c. Sold all remaining treasury shares on November 25 for $38 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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