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Check my work On October 10, the stockholders equity of Sherman Systems appears as follows. Common stock-$10 par value, 77,0

EX Record the purchase of 5,500 shares of its own common stock for $30 cash per share. 2 Record the reissue of 1,125 shares o

a. Purchased 5,500 shares of its own common stock at $30 per share on October 11 b. Sold 1,125 treasury shares on November 1

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Date Accounts Titles Debit $ Credit $
Oct-11 Treasury stock 5500* 30           1,65,000
                 Cash               1,65,000
Nov-01 Cash 1125*36              40,500
             Treasury stock 1125*30                  33,750
             Paid in capital in excess tresury stock                    6,750
Nov-25 Cash 4375*25           1,09,375
Paid in capital in excess treasury stock                6,750
Retained earnings((131250-109375-6750)              19,625
             Treasury stock 4375*30               1,31,250
revised equity section after 11 oct repurchase
Common stock           7,70,000
Paid in capital in excess of par common stock           2,41,000
Retained earnings           9,04,000
Total         19,15,000
Less Treasury stock           1,65,000
Total stockholders equity         17,50,000
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