Reference no: EM132727954
On October 10, the stockholders' equity of Sherman Systems appears as follows.
Common stock-$10 par value, 93,000 shares
authorized, issued, and outstanding$930,000
Paid-in capital in excess of par value, common stock 321,000
Retained earnings 1,032,000
Total stockholders' equity$2,283,000
Problem 1: Journal entries to record the following transactions for Sherman Systems.
Purchased 7,100 shares of its own common stock at $46 per share on October 11.
Sold 1,525 treasury shares on November 1 for $52 cash per share.
Sold all remaining treasury shares on November 25 for $41 cash per share.
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Journal entries to record transactions for sherman systems
: authorized, issued, and outstanding$930,000 Paid-in capital in excess of par value, common stock 321Journal entries to record transactions for Sherman Systems.
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