Save Exercise 13-12 Recording and reporting treasury stock transactions LO P3 On October 10, the...
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Save Exercise 13-12 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 85,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 850,000 281,000 968,000 $ 2,899,000 1. Prepare journal entries to record the following transactions for Sherman Systems a. Purchased 6,300 shares of its own common stock at $38 per share on October 11. b. Sold 1,325 treasury shares on November 1 for $44 cash per share. c. Sold all remaining treasury shares on November 25 for $33 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. 5 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the stockholders' equity section after the October 11 treasury stock purchase. Revised Equity Section of Balance Sheet After October 11 Total contributed capital Total 0 Total stockholders' equity $ 0
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