During 2014 the following selected transactions affecting stockholders’ equity occurred for Orlando Corporation:
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.
1. Give journal entries for each of these transactions.
2. Describe the impact, if any, that these transactions have on the income statement.