Question

On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 79,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 790,000 251,000 920,000 $1,961,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,700 shares of its own common stock at $32 per share on October 11. b. Sold 1,175 treasury shares on November 1 for $38 cash per share. c. Sold all remaining treasury shares on November 25 for $27 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Complete this question by entering your answers in the tabs below.
I need all three jorunals, thank you

Answer 1

Answer
1)   Journal Entries
Date	Accounts & explanation	debit	credit
Oct-11	Treasury stock 5700* 32	$             1,82,400
	Cash		$      1,82,400
	( To record the purchases of Treasury Stock )
Nov-01	Cash (1750*38)	$                 66,500
	Treasury stock 1750*32		$          56,000
	Paid in capital in excess tresury stock		$          10,500
Nov-25	Cash 3950*27	$             1,06,650
	Paid in capital in excess treasury stock	$                 10,500
	Retained earnings	$                   9,250
	Treasury stock 3950*32		$      1,26,400
2)   Stakeholder equity section
	revised equity section after 11 oct repurchase
	Common stock	7,90,000
	Paid in capital in excess of par common stock	2,51,000
	Total contributed capital	10,41,000
	Retained earnings	9,20,000
	Total	19,61,000
Less	Treasury stock	-1,82,400
	Total stockholders equity	17,78,600

3
AMOS Company
Statement Retained earning
For year ended December 31, 2019
Particulars	Amount
Retained earnings December 31st, 2018	$       8,54,000
Prior period adjustment
Depreciation expense error	$         -35,600
Adjusted retained earnings December 31st, 2018	$       8,18,400
Add: Net income	$       2,08,000
Less: Dividend	$         -23,000
Retained earnings December 31st, 2019	$     10,03,400
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