Exercise 11-10 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, 72,000 shares s 720,ee8 216,000 authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 864,88 5 1,800,e80 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 View transaction list Journal entry worksheet 0 2 Record the reissue of the remaining shares of the treasury stock for $20 cash per share. 2 Prepare the revised equity section of ts balance sheet after the October t treasuny stock purchase. Section of Balance Sheet After October 11 Total contributed capital Total Total stockholders equity
