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Anonymous asked in Business & FinanceOther - Business & Finance · 1 month ago

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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