On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par value, 74,000 shares authorized, issued, and outstanding $ 740,000 Paid-in capital in excess of par value, common stock 226,000 Retained earnings 880,000 Total stockholders’ equity $ 1,846,000 1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 5,200 shares of its own common stock at $27 per share on October 11. Sold 1,050 treasury shares on November 1 for $33 cash per share. Sold all remaining treasury shares on November 25 for $22 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.

1,                            Journal entries

Date    Account and explanation         Debi$       Credit$

          Treasury stock (5200*27)          140,400

           Cash                                                              140,400

           (To record purchase treasury stock)

            Cash (1,050*33)                           34,650  

            Paid in capital from sale of treasury stock    6,300

            Treasury stock (1,050*27)                               28,350

             (To record sale of treasury stock)  

              Cash (4,150*22)                             91,300

              Paid in capital from sale of            6,300

              treasury stock  

              Retained earnings                         14,450

              Treasury stock (4,150*27)                                112,050

              (To record sale of treasury stock)  

2.  Revised equity section

Contributed capital

Common Stock                             740,000

Paid in capital in excess of           226,000

par value-Common Stock

Total paid in capital                        966,000

Retained earnings                         880,000

Total                                                1,846,000

Less: Treasury stock                      (140,400)

Total Stockholder's equity            $1,705,600

forbearance of student loan payments. under forbearance, your loan payments are postponed (or reduced) but interest continues to accrue during the period of forbearance. if you don't pay the interest during that period, the interest may be “capitalized,” which means it is added to your principal balance.

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