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 $46 cash per share.
2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.