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On October 10, the stockholders' equity of Sherman Systems appears as follows

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On October 10, the stockholders' equity of Sherman Systems appears as follows.

Common stock-$10 par value, 94,000 shares authorized, issued, and outstanding   $ 940,000

Paid-in capital in excess of par value, common stock 326,000

Retained earnings 1,040,000

Total stockholders equity 2,306,000

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 $42 cash per share.