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On October 10, the stockholders’ equity of Sherman Systems appears as follows.
Common stock-$10 par value, 77,000 shares
authorized, issued, and outstanding$770,000
Paid-in capital in excess of par value, common stock 241,000
Retained earnings 904,000
Total stockholders’ equity$1,915,000
1. Prepare journal entries to record the following transactions for Sherman Systems.
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