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Question(s) / Instruction(s):

On October 10, the stockholders’ equity of Noble Systems appears as follows.                  

Common stock—$10 par value, 36,000 shares authorized,

Issued and outstanding                                                         $360,000 

Paid-in capital in excess of par value, common stock                   108,000 

Retained earnings                                                                    432,000 

Total stockholders’ equity                                                        $900,000 

 Required:

1      Prepare journal entries to record the following transactions for Noble Systems.

1a.          Purchased 4,500 shares of its own common stock at $30 per share on October 11

1b.          Sold 1,200 treasury shares on November 1 for $36 cash per share.

1c.          sold all remaining treasury shares on November 25 for $25 cash per share.

2.            Prepare the revised equity section of its balance sheet after the October 11 treasury stock purchase

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