Prepare journal entries to record the transactions

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Question

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

Common stock-$10 par value, 76,000 shares authorized, issued, and outstanding $ 760,000 Paid-in capital in excess of par value, common stock 236,000 Retained earnings 896,000 Total stockholders' equity $ 1,892,000

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

Reference no: EM132322192

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