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
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
