ch. 11 q13

Chapter 11 Homework Assignment (Connect) i Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-\$10 par value, 88,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $880,000296,000992,000$2,168,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,600 shares of its own common stock at $41 per share on October 11 . b. Sold 1,400 treasury shares on November 1 for $47 cash per share. c. 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. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,600 shares of its own common stock at \$41 per share on October 11 . b. Sold 1,400 treasury shares on November 1 for $47 cash per share. c. Sold all remaining treasury shares on November 25 for $40 cash per share