On October 10, the stockholders’ equity section of Sherman Systems appears as follows. Common stock–$10 par value, 5,200 shares authorized, issued, and outstanding $ 880,000 Paid-in capital in excess of par value, common stock 296,000 Retained earnings 992,000 Total stockholders’ equity $ 2,168,000 1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 6,600 shares of its own common stock at $41 per share on October 11. Sold 1,400 treasury shares on November 1 for $47 cash per share. Sold all remaining treasury shares on November 25 for $40 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Record the reissue of the remaining shares of the treasury stock for $40 cash per share. Prepare the stockholders' equity section after the October 11 treasury stock purchase.
On October 10, the
Record the reissue of the remaining shares of the treasury stock for $40 cash per share.
Prepare the stockholders' equity section after the October 11 treasury stock purchase.
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