Accounting ACG2021 HW?
On October 10, the stockholders’ equity of Sherman Systems appears as follows.
Common stock–$10 par value, 74,000 shares
authorized, issued, and outstanding $ 740,000
Paid-in capital in excess of par value, common stock 226,000
Retained earnings 880,000
Total stockholders’ equity $ 1,846,000
1. Prepare journal entries to record the following transactions for Sherman Systems.
Purchased 5,200 shares of its own common stock at $27 per share on October 11.
Sold 1,050 treasury shares on November 1 for $33 cash per share.
Sold all remaining treasury shares on November 25 for $22 cash per share.
2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.
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