On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par value, 92,000 shares authorized, issued, and outstanding $ 920,000 Paid-in capital in excess of par value, common stock 316,000 Retained earnings 1,024,000 Total stockholders’ equity $ 2,260,000 1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 7,000 shares of its own common stock at $45 per share on October 11. Sold 1,500 treasury shares on November 1 for $51 cash per share. Sold all remaining treasury shares on November 25 for $40 cash per share.