During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation:

During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation:

 

a.	Apr.	1		Repurchased 220 shares of the company's own common stock at $34 cash per share.
b.	Jun.	14		Sold 90 shares of the shares purchased on April 1 for $39 cash per share.
c.	Sept.	1		Sold 80 shares of the shares purchased on April 1 for $29 cash per share.

 

Required:

1. Prepare journal entries for each of the above transactions.

Here

Explanation:

1.a.

Treasury stock (220 shares × $34) = $7,480

b.

Cash (90 shares × $39) = $3,510

Treasury stock (90 shares × $34) = $3,060

c.

Cash (80 shares × $29) = $2,320

Treasury stock (80 shares × $34) = $2,720