(Solution) - On January 3 2011 Tommyboy Corporation repurchases 250 000 shares of -(2025 Original AI-Free Solution)

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On January 3, 2011, Tommyboy Corporation repurchases 250,000 shares of its outstanding common stock for $18 per share. On May 1, 2011, Tommyboy sells 80,500 shares of treasury stock for $12 per share. On October 1, 2011, Tommyboy sells 40,000 shares of its treasury stock for $31 per share.

Required:
1. Prepare the journal entries to record these transactions.
2. How will these transactions affect Tommyboy?s 2011 income statement?