On October 10, the stockholders’ equity section of Sherman Systems appears as follows.
Common stock–$10 par value, 84,000 shares authorized, issued, and outstanding $ 840,000
Paid-in capital in excess of par value, common stock 276,000
Retained earnings 960,000
Total stockholders’ equity $ 2,076,000
Prepare journal entries to record the following transactions for Sherman Systems.
Purchased 6,200 shares of its own common stock at $37 per share on October 11.
Sold 1,300 treasury shares on November 1 for $43 cash per share.
Sold all remaining treasury shares on November 25 for $36 cash per share.
Prepare the stockholders' equity section after the October 11 treasury stock purchase.
Common stock–$10 par value, 84,000 shares authorized, issued, and outstanding $ 840,000
Paid-in capital in excess of par value, common stock 276,000
Retained earnings 960,000
Total stockholders’ equity $ 2,076,000
Prepare journal entries to record the following transactions for Sherman Systems.
Purchased 6,200 shares of its own common stock at $37 per share on October 11.
Sold 1,300 treasury shares on November 1 for $43 cash per share.
Sold all remaining treasury shares on November 25 for $36 cash per share.
Prepare the stockholders' equity section after the October 11 treasury stock purchase.