xercise 11-13 (Algo) Recording and reporting treasury stock transactions LO P3 In October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 94,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,200 shares of its own common stock at $47 per share on October 11. b. Sold 1,550 treasury shares on November 1 for $53 cash per share. c. Sold all remaining treasury shares on November 25 for $46 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. $ 940,000 326,000 1,040,000 $ 2,306,000
xercise 11-13 (Algo) Recording and reporting treasury stock transactions LO P3 In October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 94,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,200 shares of its own common stock at $47 per share on October 11. b. Sold 1,550 treasury shares on November 1 for $53 cash per share. c. Sold all remaining treasury shares on November 25 for $46 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. $ 940,000 326,000 1,040,000 $ 2,306,000
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter11: Stockholders' Equity
Section: Chapter Questions
Problem 11.7E
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