(Solved): 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5 ...

1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,000 shares of its own common stock at $\$25$ per share on October 11. b. Sold 1,000 treasury shares on November 1 for $\$31$ cash per share. c. Sold all remaining treasury shares on November 25 for $\$20$ cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,000 shares of its own common stock at $\$25$ per share on October 11 . b. Sold 1,000 treasury shares on November 1 for $\$31$ cash per, share. c. Sold all remaining treasury shares on November 25 for $\$20$ cash per share.