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Required information [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 8,000 shares of $30 par value common stock for $288,000 cash. 2. A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $48,000. The stock has a $1 per share stated value. 3. A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $48,000. The stock has no stated value. 4. A corporation issued 2,000 shares of $100 par value preferred stock for $248,000 cash. Prepare journal entries to record each of the following four separate issuances of stock. 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,200 shares of its own common stock at $47 per share on October 11. b. Sold 1,550 treasury shares on November 1 for $53 cash per share. c. Sold all remaining treasury shares on November 25 for $46 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,200 shares of its own common stock at $47 per share on October 11 . b. Sold 1,550 treasury shares on November 1 for $53 cash per share. c. Sold all remaining treasury shares on November 25 for $46 cash per share. 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,200 shares of its own common stock at $47 per share on October 11. b. Sold 1,550 treasury shares on November 1 for $53 cash per share. c. Sold all remaining treasury shares on November 25 for $46 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Complete this question by entering your answers in the tabs below. Prepare the stockholders' equity section after the October 11 treasury stock purchase

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