On October 10, the stockholders’ equity section of Sherman Systems appears as follows. Common stock–$10 par value, 89,000 shares authorized, issued, and outstanding $ 890,000 Paid-in capital in excess of par value, common stock 301,000 Retained earnings 1,000,000 Total stockholders’ equity $ 2,191,000 Prepare journal entries to record the following transactions for Sherman Systems. Purchased 6,700 shares of its own common stock at $42 per share on October 11. Sold 1,425 treasury shares on November 1 for $48 cash per share. Sold all remaining treasury shares on November 25 for $41 cash per share. Prepare the stockholders' equity section after the October 11 treasury stock purchase. 1Record the purchase of 6,700 shares of its own common stock for $42 cash per share. 2Record the reissue of 1,425 shares of the treasury stock for $48 cash per share. 3Record the reissue of the remaining shares of the treasury stock for $41 cash per share. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Revised Stockholders' Equity Section of Balance Sheet After October 11 Total contributed capital Total Total stockholders’ equity
On October 10, the
Common stock–$10 par value, 89,000 shares authorized, issued, and outstanding $ 890,000
Paid-in capital in excess of par value, common stock 301,000
Retained earnings 1,000,000
Total stockholders’ equity $ 2,191,000
Prepare
Purchased 6,700 shares of its own common stock at $42 per share on October 11.
Sold 1,425 treasury shares on November 1 for $48 cash per share.
Sold all remaining treasury shares on November 25 for $41 cash per share.
Prepare the stockholders' equity section after the October 11
1Record the purchase of 6,700 shares of its own common stock for $42 cash per share.
2Record the reissue of 1,425 shares of the treasury stock for $48 cash per share.
3Record the reissue of the remaining shares of the treasury stock for $41 cash per share.
Prepare the stockholders' equity section after the October 11 treasury stock purchase.
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