Solution-Prepare journal entries to record transactions for

Prepare journal entries to record transactions for Sherman

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

Common stock-$10 par value, 86,000 shares authorized, issued, and outstanding	$860,000
Paid-in capital in excess of par value, common stock	286,000
Retained earnings	976,000
Total stockholders' equity	$2,122,000

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

a. Purchased 6,400 shares of its own common stock at $39 per share on October 11.

b. Sold 1,350 treasury shares on November 1 for $45 cash per share.

c. Sold all remaining treasury shares on November 25 for $34 cash per share.

2. Prepare the revised equity section of its balance sheet after the October 11 treasury stock purchase.

Reference no: EM132254675

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Prepare journal entries to record transactions for Sherman

Reference no: EM132254675

Reference no: EM132254675

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