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On January 1, 2013, Tommyboy Corporation repurchases 11,000 shares of its outstanding common stock for $26 per share. On May 1, 2013, Tommyboy sells…
On January 1, 2013, Tommyboy Corporation repurchases 11,000 shares of its outstanding common stock for $26 per share. On May 1, 2013, Tommyboy sells 9,500 shares of treasury stock for $17 per share. On October 1, 2013, Tommyboy sells 1,500 shares of its treasury stock for $44 per share.
1. Prepare the journal entries to record these transactions.
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