K M ? 1 B 3 Exercise 11-12 Recording and reporting treasury stock transactions P3 On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock --$10 par value, 72,000 shares authorized, issued, and outstanding $ 720,000 216,000 Pald-in capital in excess of par value, common stock 864.000 Retained earnings $1,800,000 Total stockholders' equity 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,000 shares of its own common stock at $25 per share on October 11. b. Sold 1,000 treasury shares on November 1 for $31 cash per share. c. Sold all remaining treasury shares on November 25 for $20 cash per share. Check to De Retained Earnings, $14,000 Exercise 11-16 Earnings ner share 241