(Solution) - During 2011 the following selected transactions affecting stockh -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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During 2011 the following selected transactions affecting stockholders? equity occurred for Orlando Corporation:
a. Apr. 1 Purchased in the market 200 shares of the company?s own common stock at $20 per share.
b. Jun. 14 Sold 40 shares of treasury stock for $25 cash per share.
c. Sept. 1 Sold 30 shares of treasury stock for $15 cash per share.
Required:
1. Give journal entries for each of these transactions.
2. Describe the impact, if any, that these transactions have on the income statement.