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QUESTION

On October 10, the stockholders' equity of Sherman Systems appears as follows.

On October 10, the stockholders' equity of Sherman Systems appears as follows.

 Common stock-$10 par value, 77,000 shares

authorized, issued, and outstanding$770,000 

Paid-in capital in excess of par value, common stock 241,000 

Retained earnings 904,000 

Total stockholders' equity$1,915,000 

1. Prepare journal entries to record the following transactions for Sherman Systems.

  1. Purchased 5,500 shares of its own common stock at $30 per share on October 11.
  2. Sold 1,125 treasury shares on November 1 for $36 cash per share.
  3. Sold all remaining treasury shares on November 25 for $25 cash per share
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