Question: Question Two (15 marks) On October 10, the stockholders' equity of Noble Systems appears as follows. Common stock-$10 par value, 36,000 shares authorized, issued, and

Question Two (15 marks) On October 10, the stockholders' equity of

Question Two (15 marks) On October 10, the stockholders' equity of Noble Systems appears as follows. Common stock-$10 par value, 36,000 shares authorized, issued, and outstanding..... $360,000 Paid-in capital in excess of par value, common stock. 108,000 Retained earnings 432.000 Total stockholders' equity $900.000 1. Prepare journal entries to record the following transactions for Noble Systemis, a. Purchased 4,500 shares of its own common stock at $30 per share on October 11. b. Sold 1,200 treasury shares on November 1 for $36 cash per share. c. Sold all remaining treasury shares on November 25 for $25 cash per share. 2. Explain how the company's equity section changes after the October 11 treasury stock purchase, and prepare the revised equity section of its balance sheet at that date

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